New leaks have emerged that Google is working on a debit card to rival Apple. First reported by TechCrunch, this card will be an addition to the Google Pay app and will allow for better monitoring of transactions and will be connected to a checking account. According to sources we will learn about this card in the upcoming months and they want this to become the centerpiece of the Google Pay app.
First Look
Google is known for making the most intuitive and easy to use apps on the market such as Google Maps, Gmail, and Chrome. This new financial part of Google will be no different, they want to make banking as easy as managing your inbox or getting directions to the nearest gas station. From the images, the card will use a Visa Chip but could support other networks such as Mastercard. Google offers great security features and The Google Debit Card will be no different, you will have the option to lock the card down, order a replacement card, and see a transaction date, location, and the store it occured all within the app.
Competition
It’s no secret that The Apple Card was a pretty big hit among Apple Fans, since being launched in August it now accounts for 5% of global transactions and is estimated to hit 10% by 2024. Not only Apple but Venmo and Square are also big names in the modern take on banking. Venmo has over 40 million active users, Cash App(Square) has 15 million. Google is not the only one to join the race, Wealthfront introduced its cash accounts in February, betterment began offering a debit card in October 2019, Robinhood relaunched its debit card in October 2019.
Wrapping Up
Although there is a lot of competition in this sector, it’s no doubt that Google is a huge company and can easily rise up in the financial area. It will be exciting to see what they announce about their new debit card in the upcoming months.
Disclaimer: Information from this article has been sourced from TechCrunch – all content from this site is opinionized content and is not made to hurt another company’s image.
