It’s become no secret that Google is preparing a Debit Card with hopes of competing with Apple in the fintech space. The latter who now control 5% of global online transactions and is tipped to achieve a 10% share by 2022 launched its Apple card a while back and it became and instant hit, much like everything Apple touches.
This when launched will represent Google’s second attempt at a financial card. Back in 2013, the company atop its Google Wallet initiative introduced a Wallet debit card but the project soon landed in Google’s infamous graveyard in 2016. The search giant is now reopening the venture.
Dubbed “Google Pay Card” the venture is being backed by different bank partners, including CITI and Stanford Federal Credit Union at the tip of things. The plan for now is to leave the financial heavy-lifting to the banks while Google leverages its expertise in developing great interfaces and user experience to build a product that will make banking for users a breeze. Given its wealth of data and access to top-ended developers not to mention its deep pockets discharging its end of the bargain should be quite easy for the tech giant. Google will provide a seamless interface between physical and digital card payments, deliver several fronts for users to secure, protect and recover their accounts from cyber threats including the capability to keep making transactions even after you’ve blocked your physical card due to lost, theft or suspicious activity.
In a statement the company said “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.”
To set the records straight, Google Pay Card which from indication would run on the Visa network at launch is a debit card whereas Apple Card is a credit card. This distinction is clearly highlighted by a reviewer on one of the many online sources consulted in writing this story – “They already had a card like this and no, it does not rival Apple because that is a credit card. When they discontinued their card before they recommended Simple which is an actual rival and works the same as this card will.”
As all tech companies are pivoting off into the financial world, Google may be a late entrant but with its seemingly limitless data access that it could leverage to offer some novel game-changing services it might not matter who came first or last. Whether Google will rival Apple in fintech or be just another player will be revealed by the test of time. Preliminary reviews from tech forums suggests a hostile first impression of the whole idea but all that could soon change.