Google working on its own Apple Card-style smart debit card: Report

Topics GooglePay

After the success of the Apple credit card, Google is now reportedly working on its own physical and virtual smart debit cards that will allow customers to buy things online as well as in retail stores.

According to a report in TechCrunch, the Google smart debit card will connect to a Google app with features that will "let users easily monitor purchases, check their balance or lock their account".

The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union, the report said on Friday.

Google Pay or GPay currently helps users make peer-to-peer payments by adding a physical debit card that could be used for a wider variety of purchases.

 

Much like the Apple Card, the Google smart debit card is created to work as a physic

A "Google Pay Card" will not only make Google a fintech giant, but also unlock new streams of revenue and data.

The tech giant could charge interchange fees on purchases made with the card or other checking account fees.

"Google could use transaction data on what people buy to improve ad campaign measurement or even targeting," said the report.

A virtual version of the Google smart debit card on a user's smartphone can also be used for Bluetooth mobile payments. A virtual card number can also be used for online or in-app payments.

Apple Card comes with benefits like instant approval, zero fees on missing deadlines or going over the limit and daily cashback on purchases.

"For Apple Pay, revenue and transactions more than doubled year-over-year, with a run rate exceeding 15 billion transactions a year," said Tim Cook in Apple's last earnings call with the analysts.

The Apple CEO also pointed to Apple Card as a reason the company's iPhones sold so well during the holiday season.

 



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel