As reported by TechCrunch, Google is working on its own Google-branded smart debit card that will make it easier for customers to purchase services from online stores and keep a track of them.
Right now, Google’s Pay system only caters to online and peer-to-peer payments by adding a physical debit card that can be used for a wider variety of purchases. However, adding its own smart cart means that Google will be able to keep a track of payments and purchases as this provides the company with valuable insight into consumer spending.
Source: Tech Crunch
Even though Google’s competitor Apple already has a smart card technology but unlike Apple card which is a credit card, Google is going for a smart debit card. It is partnering with Citi and Stanford Federal Credit Union since the card itself will be of Visa and Google plans to extend it to Mastercard too.
The only similarity between Google’s new card and Apple card is that they both are designed to function as a physical card and a tap-to-pay digital card on the phone.
So if you are a Google user, you would be able to track packages as the algorithm of Maps has also been added to the vast database. Furthermore, in case of theft or loss, the phone will allow you to lock the card in the Google Pay application.
The date of launch is not clear right now as Google is just testing the card to see how it performs. However, the company did release a statement to TechCrunch noting, “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.”