Google card appears in leak, see images and details about the future means of payment

What do you think about being able to pay with a “Google card” (or Google Card, if you prefer in English)? The website TechCrunch obtained images that show that the Google is developing its own physical and virtual debit cards. the card of Google and the associated checking account will allow users to purchase items with a card, mobile phone or online.

The card must connect to an application on the Google with new features that allow users to easily monitor purchases, check their balance or lock their account. The card will be associated with different banking partners, with possible partners in the United States being the banks CITI e Stanford Federal Credit Union.

Google Card: a new way to save your money

The images displayed in this article were leaked by a source to the site. TechCrunch, which prove to be the same as the Google. Additionally, another source confirmed that the company recently worked on a payments card that its team hopes will become the foundation of the app. Google Pay – and help him to rival the Apple Pay and Apple Card.

Currently, the Google Pay only allows payments online or by use of NFC. A “Google Pay Card” would vastly expand the use cases of the app and the potential of the Google as a giant of technology companies.

When creating a smart debit card, the Google has the opportunity to unlock new revenue and data streams. That way, the company could potentially charge fees on purchases made with the card or other checking account fees and then split them with its banking partners.

Depending on your privacy decisions, the Google it could also use transaction data about what people buy to improve its advertising campaigns or even targeting its users. Brands may be willing to buy more ads than Google if the tech giant can prove that it generates an increase in sales.

The long-term implications are even greater. A smart debit card and current accounts can pave the way for Google also become a financial institution, offering banking, stock brokerage, financial consulting or robotics consulting, accounting, insurance or loans.

The wide access of Google to data can enable it to more accurately manage risk than traditional financial institutions. Your deep connection with consumers through apps, ads, search and operating system Android offers broad ways to promote and integrate financial services. With the crisis of COVID-19 taking shape, high-margin financial products could help the company develop efficient revenue opportunities and drive up the stock price.

TechCrunch obtained the following statement from the Google when questioning the company about its debit and credit card plans:

"We are exploring how we can partner with US banks and credit unions to offer smart checking accounts through Google Pay, helping their customers benefit from useful information and budgeting tools while keeping their money in an FDIC or NCUA insured account. . Our main partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months."

Checking out the new Google Card

O Google expects to make financial management as intuitive as its email and mapping applications, as opposed to traditional banking products that require telephone communication to provide customer service. The card and application designs shown here are not final, and it is unclear when the Google you can make your debut.

This card will be associated with a brand with the name of the Google and its partner bank, although the exact name of the product is still unknown. In the projects, it is a chip card on the network visa, although the company may support other networks such as Mastercard. Users can add money or transfer funds from their Google connected app account, which is likely the Google Pay, and use a fingerprint and PIN for account security.

Once connected to their bank account, users can pay for purchases at retail stores with a physical Google debit card, including contactless payments (NFC), just by holding it to the card reader. A virtual version of the card that sits on a user's phone can also be used for Bluetooth mobile payments. Meanwhile, a virtual card number can be used for online or in-app payments

Users receive a list of recent transactions, each including the merchant name, date, and price. They can view each transaction to see the location on a map, get directions, or call the store. If users don't recognize a transaction, it's easy to protect yourself with the vast Safety of the card.

If a customer suspects fraud or loss of the card, they can block it and optionally request a replacement while still being able to pay with their phone or online, thanks to the virtual card number system of the Google which is different from the physical card.

The settings also reveal options for notifications and privacy controls to “decide what information you share”. However, it is important to keep in mind that the decisions of the Google can impact how transaction data can feed your other businesses.

Google's entry into the financial market

Google is relatively late in offering its own card. Apple released its Apple Card in August 2019, offering a credit card Mastercard elegant design, supported by Goldman Sachs. It charges minimal customer fees, comes with a virtual card for use through Apple Pay and earn interest.

A Apple , however, charges merchant fees. Last month, for example, the Apple changed card privacy settings to share more data with the Goldman Sachs, which can also help both of them provide additional financial services. O Apple Pay now accounts for 5% of global card transactions and is expected to reach 10% by 2024, according to a survey by Amber.

O Google it may never find companies as profitable as its core in search and advertising, but it has the advantages of becoming a serious player in financial market technologies. With great availability of capital, amount of talent in engineering teams, experience in building complex tools and a virtually limitless database can give you a great advantage over traditional banks and fintechs.

Source: TechCrunch