HomeTechnologyGoogle is Working on...

Google is Working on physical Debit Cards To Compete Apple

According to a report published by TechCrunch on Friday, Google is making physical and digital debit cards connected to an app for purchases, buying management, and checking balances. The company will compete with the Apple Card, the iPhone maker’s financial service that launched last year.

Google, debit cards, Apple card
Medium

The initiative is intended to be a new cornerstone for Google’s existing Google Pay program, which only allows payments online and peer-to-peer with the addition of physical debit cards that could be used for a broader range of transactions. An increased presence of debit cards will allow Google to be more effective in keeping track of payments and sales and offering valuable insight into customer spending.

Check out: Google and Apple are developing a coronavirus tracking app for Android and iOS.

The report says that Google’s physical debit cards will have a chip on them, and several credit unions and banks, including Stanford Federal Credit Union and Citigroup, would co-brand it. The key goal is to make the debit cards the base for the Google Pay mobile payment service.

In November, the news comes after Google that we are working with Citigroup and the SFCU to offer consumers intelligent checking accounts, giving the search giant valuable information about how people spend their money.

Mastercard and Goldman Sachs support Apple’s credit card project, first unveiled in August. It integrates with Apple Pay, and it is optimized for iPhones. The Apple card has no fees and provides cashback bonuses every day.

Google and Apple’s moves reflect a massive drive by the world’s largest tech giants through financial services. But the initiative could be overshadowed by past controversies from Silicon Valley, as the public, policymakers, and media take a closer look at the tech industry’s privacy and data collection practices.

As Google and Apple work on credit and banking services, Facebook’s commercial project, Libra’s cryptocurrency service, has been met with intense regulatory scrutiny. On Thursday, the social network unveiled a version of the service similar to payments products like PayPal — scaled back from its initial vision of reforming the global financial system.

Google did not comment on developing physical debit cards but reported regulating with Citi and the Federal Credit Union at Stanford. Google said more details would be shared in the “coming months.”

“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’s spokesman said.

Stanford Federal Credit Union and Citigroup did not respond to the request about the debit cards project.

Most Popular

More from Author

How to Hire a Mobile App Developers: An In-depth Guide

The mobile app development market has blossomed to a great extent...

Top 8 Essential Features of Fintech Mobile Applications

Banking is not the same anymore as fintech has almost changed...

Future Application of AI and ML in the Healthcare Sector

Healthcare is one of the sectors which is constantly developing thanks...

10 Chatbots That Will Improve Your Customer Service

Everybody has social anxiety sometimes. Whether you live with a large...

Read Now

Metaverse Workspace and Employers’ Privacy

The concepts of the Metaverse, a virtual shared space where people can work, socialize and interact with each other and virtual objects, have garnered much attention in recent years. As after COVID, more people prefer to work remotely or in hybrid work environments, the idea of a...

3D Scanning Technology: An Easy Business Guide

The introduction of 3D printers for business or personal use has sparked an interest in this modern technology, but what about 3D scanning? 3D scanning technology can help collect precise data on physical objects. The cost of entry-level quality scanners on the market can reach tens of...

What Should You Know About Metal 3D Printing?

The introduction of technology in the manufacturing industry has been instrumental in the overall quality of output. Many companies have embraced new techniques to improve their production processes to meet customer demands. Metal 3D printing is an industrial manufacturing technique that permits parts fabrication by adding multiple...

Taking a Closer Look at Residential Intercom Systems

Whether you’re a renter or a homeowner, one of your top concerns is likely security. That’s why residential intercom systems are such an important consideration. Intercom systems give you the peace of mind of knowing that your home is secure, and they offer additional convenience features, like...

Exploring the Boundaries of Human Creativity with AI Technology

The Colorado State Fair's annual art competition doesn't normally make national headlines. But when this year's first prize winner in the digital art category turned out to be a piece created with the assistance of AI technology, it sparked outrage, and the story went viral. Lost in the...

5 Ways Technology Has Transformed Learning for School Students

Technology has transformed how school students learn in countless ways, and it continues to evolve and improve with each passing year. The growing importance of technology in education cannot be overstated. Technology has transformed how school students learn and find new educational possibilities, from online classes and remote learning...

The Path to Better Health is Paved With Tech Innovations 

We live in an era where technology is fast becoming embedded in our society, impacting nearly every aspect of your lives – and healthcare makes no exception. Although the healthcare industry has been lagging behind in implementing new technologies, especially in the public sector, the rate of...

What Role Does AI Play In Healthcare Software?

When the role of AI in healthcare comes to mind, you are bound to think of its numerous applications. With the power of AI, thousands of operations in the healthcare sector can be performed within seconds. Whether powering surgical robots, undertaking medical research, or discerning links between...

How You Can Improve The Quality Of A PCB At Home?

In this article, we will cover methods for improving the quality of PCBs at home. We are all aware that printed circuit boards (PCBs) are an essential component of electronics and that the quality of your PCB can substantially impact the quality of your project as a...

4 Database Scaling Solutions to Consider

You have released an application with an intuitive and user-friendly user interface. But if your application faces a load issue, your end users will become frustrated. Most likely, the issue lies within the database and not the application. 38% of database professionals cited database downtime as the...

Secure Hosting Service Without Compromise

Learn about security features and check how to choose secure hosting service for your website. In this article, I will show you how to turn your Server into an impregnable fortress. In order to do it, you need backups, file and data security, safe email, DNS, SSL, web...

Tips to Avoid Risks Before You Implement Industrial IoT Solutions

If you are curious about the deployment of Industrial IoT Solutions, you are aware that this process is expanding globally at a rapid rate. According to McKinsey Digital, 127 gadgets will connect to the Internet for the first time every second in 2021, and the value of...