Google planning to compete with Apple by launching its own card
By MYBRANDBOOK
Google is planning to introduce its own branded payments card, both virtual and physical debit cards, according to a report. Financial services providers such as Citi and Stanford Federal Credit Union will be co-brand partners with new payment cards.
The two companies floated in November 2019 on a potential Google checking account are referred to as Cache.
Cache was supposed to go live earlier this year, however, it has still not launched. At present, it’s unclear whether the debit card will actually be offered.
If the payment card is released, then it may allow users to make in-person, in-app and online purchases, and would complement Google Pay’s existing services, allowing the digital wallet to compete with similar products offered by Apple, Facebook, and Samsung.
Google’s plan to introduce a payment card seem to be quite different from Apple’s initiative, which is essentially a credit card, developed through a partnership with Wall Street financial giant Goldman Sachs in August 2019.
“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,” Google reports.
“Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months,” confirmed the company.
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