Google Wants To Launch It's Own Smart Debit Card

Publish On: 18 Apr, 2020 11:25 AM | Updated   |   Madhurima  

SAN FRANCISCO: After seeing the success of Apple credit card, Google is now reportedly engaged towards making its own physical and virtual smart debit cards which will allow customers to shop for things online and also in retail stores.

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

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The card is going to 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 do peer-to-peer payments by adding a physical debit card that might be used for a wider kind of purchases.

Much like the Apple Card, the Google smart debit card will be made to work as a physical card also as a digital card on a smartphone.

A "Google Pay Card" won't 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 enhance advertising campaign measurement or maybe targeting," said the report.

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

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