Competition from fintech firms, bigger expectations from the consumer made firms to integrate new technologies.
Fintech world is always looking forward, promising tremendous benefits to society and individuals. Google is no exception at all and now the company accelerates its work in the FinTech space as well.
Recently we have found out some newly leaked images showing that Google is working on a debit card of its own production. Previously Google collaborated with CITI bank and Stanford Federal Credit Union to handle all the financial infrastructure for its services.
Asia moved a big step forward and created big financial ecosystem. Their global hub China leads the world of eCommerce with its giants like AliPay and WeChat that make almost all cash in China disappeared. But now Alphabet’s Google is set to join the fintech game with this card is being developed reportedly to compete with the other technology giants.
It can be very much similar to the Apple Card announced last year when Apple partnered with Goldman Sachs to launch a groundbreaking new credit card. It was designed to help consumers lead a healthier financial life. Among its advantages are no fees, daily cash back and seamless integration into Apple’s mobile devices, new level of privacy, security and transparency to credit cards, allowing consumers to quickly and easily analyze their spending patterns and calculate how much they could save in interest charges by paying off different portions of their balances.
Google Card will have an integration with the Google Pay app. This will also allow the users to easily keep track and have full control of their expenses, balances, as well as account access.
Google Pay is the company’s instant payment service allowing peer-to-peer payments. However, Google Pay currently functions by being tethered to a traditional debit card. Having its own physical/virtual debit card will allow Google to expand its presence in FinTech space.
Before Google has huge revenue from advertisement sources. Having a smart debit card will help Google to unlock new opportunities and revenue streams. For example, the company may use the transaction data to better understand consumer psychology which, in turn, will help other businesses to find the right audiences online and better personalization. Besides Google may offer to the users another financial services as insurance, stock brokerage, financial consultancy, etc
Besides, it will be a chip card powered by the Visa network. Reportedly, using the Google Pay application, users would easily transfer funds from their banks to the Google Card. While physical cards will work at different retail locations, the virtual card will facilitate online purchases.
This was a brief review for new debit card Google! What do you think about new Google Fintech project? Feel free to share your experience in the comments below! If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.