After having immense success with Google Pay, Google seems to have been reportedly working on a smart debit card that could potentially leverage its prosperity in the financial field. It can be fair to say that Google also plans to join the ranks of Apple and Huawei, who have launched their own physical payments card as well. The Google smart debit card allows users to make transactions through the physical card or through a virtual portal which is most likely going to be Google Pay.
The card has a coherent integration with a Google App that allows users to easily track their purchases, check their bank balance or even lock their accounts at the touch of their fingertips. The Google card will come with a Visa-powered chip inside, but the company states that they plan to extend their support for other payment processors. The card will also be co-branded by different back partners which include Stanford Federal Credit Union and Citi.
Pairing the Google smart card with the Google Pay App would open a lot of doors to the functionalities of the app. This could also potentially pave the way to turn Google into a fintech giant as well. This could also open a new valve of transaction data on buying choices of people that Google could certainly leverage to improve targetted ads and campaign measurement.
The appeal for Fintech ventures is certainly on the rise and you too must have noticed the number of new payment gateways bubbling up everywhere. Financial services often tend to benefit through tiny inconspicuous charges levied on the large volume of transactions they manage to conduct through their portal. This is could be the most enticing reason to pursue this venture.