Google Debit Card Update
According to a TechCrunch report, Google is developing its own smart Google debit card that will assist consumers in shopping and track businesses online and in stores.
The initiative is intended to be a new direction on the existing Google Pay program, now using a digital Google debit card to enable a larger range of transactions, including electronic and peer to peer transfers. Extending the existence of a debit card could help Google keep track of transfers and transactions and give the company a valuable insight into customer spending.
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In reference to Apple Card owned by Apple, which only functions as a full-blown credit card, Google is working on making their own to be a debit card and firms like Stanford Federal Credit Union and Citi is in partnership with them. The card might be extended to other types of processes of payment like MasterCard but for now it’s only design to be a Visa Card. Still in reference to Apple card, the debit card of Google is developed to be a tap-to-pay digital card for a smartphone and a real card with different virtual card number to be used online.
The Google app will also make transactions easy for consumers to monitor (including using services such as Google Maps and their vast merchant database for references or to search previously visited stores). The Google Pay program will also enable consumers to lock or disable the card entirely in the event of fraud or removal of their card.
Right now, though, Google’s debit card seems to clearly make the current debit card choices available from banks more convenient (and probably more secure).
TechCrunch’s statement does not appear to suggest that Google provides any incentives in using the system, such as numerous cash-back deals from the Apple Card or even whether users can obtain some discounts to buy the goods and services of Google using Google’s branded cards.
Also, the TechCrunch article does not say when the debit card is being launched or when the card will eventually be issued to the user.
TechCrunch’s statements came from the organization and it stated below.
We ‘re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months.