Google is developing its own debit card to compete with the Apple Card
21.04.2020 0 Comments
Last year, Apple launched an Apple Card credit card with free service and cashback in partnership with Goldman Sachs and the Applecard Mastercard payment system (you can order it through Apple Wallet). Not so long ago, the Huawei Card was introduced. Now it became known that Google decided to go the same way and issue its own physical payment card. This was reported by TechCrunch with reference to its own informants.
Google Card will be closely integrated with the Google Pay branded payment service and is being developed to compete with Apple Pay and Apple Card. In addition to the virtual version of Google Card with a separate application, the Google Card provides the ability to issue a physical card. Unlike credit cards Apple Card and Huawei Card, a competing Google Card will be debit.
The partners in Google's own payment card project are Citi, the largest international bank, and the Stanford Federal Credit Union. In addition, you can see the name of the international payment system Visa in the screenshots provided by TechCrunch.
In the application, you can see the balance and track all expenses (if necessary, taking advantage of other services, including Google Maps with an extensive database of retailers to contact a previously visited store) replenish an account or transfer funds, block a card or an entire account. In addition, in add-ons you can see separate sections of security and privacy.
TechCrunch has suggested that Google may use transaction data to measure the effectiveness of advertising campaigns and ad targeting, having previously obtained customer permission. In the future, Google will be able to significantly expand the financial services package by offering various banking and brokerage services, accounting, insurance or lending.
Alas, the TechCrunch publication does not say a word about when the launch of the Google debit card is planned. Moreover, while there is no certainty that the Google Card (or whatever it is called in the end) will go to the next stage with limited public testing. At least in the official comment provided by Google, there is no explicit confirmation of the plans for launching the final product, we give it below in translation into Russian.
“We are exploring how we can work with banks and credit organizations in the United States to offer smart Google Pay-based check accounts with useful analysis and budgeting tools, as well as the ability to keep money in secure FDIC or NCUA accounts. Our leading partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing the details in the coming months. ”
Google provided the same comment to journalists last November in response to a request for experiments with check accounts.
Here you can recall that Google has already issued a Wallet debit card as part of the old Google Wallet payment application – the project existed from 2013 to 2016. Recall that in 2018 Google merged Google Wallet with Android Pay and at the same time renamed its payment service to Google Pay (G Pay).