It seems like every tech company is trying to enter the financial business in some way or another. In the past few years, we have seen many big tech giants have entered into the financial market by offering different financial services. Samsung Pay, Apple Pay, and Apple Card, Google Pay, Amazon Pay, Facebook Pay are some of the examples of how tech companies are flocking fintech market with their services. Just last month, OnePlus announced it would launch an NFC-based mobile payment app called OnePlus Pay. Except for Apple, most of these companies offer payment services. Apple, on the other hand, launched Apple Card last year – a physical credit card that can be used online as well as offline. Rumor says Google will soon launch a similar product in the form of a smart debit card to rival Apple Card.
According to an article published on TechCrunch, Google is working on its own physical debit card to let users pay for their purchases online, and offline. Google Card – as it will be called – will connect to a Google app (my guess, Google Pay app) that lets users monitor their purchases, view balance, and of course the ability to lock a missing card. A source closed to the Google Card development provided TechCrunch with various images and screenshots of the upcoming Google Card.
The leaked image shows that the card will include your name and your partner bank’s name. There is also a QR-Code like design on the card that many believes will let you access account details if scanned by the Google Pay app. The Google Card will work on the Visa chip network. Though Google might expand to other networks like Mastercard in the future.
Once connected to their partnered bank, users can pay for purchases at the offline stores using the physical card. The card will support NFC for a contactless transaction by just holding the card near the payment terminal. Similarly, there will be a virtual card inside the Google Pay app that can be used to pay for purchases online or those in-app purchases.
From the Google Pay app, users can add money, transfer out, find recent purchases and more. Google will leverage its vast network of different merchants on Google Maps to show an in-depth view of transactions, including the location on map, direction, and the ability to call the store directly.
The Google Card will come with various security features to make it as secure as possible. You can disable contactless payment from the app setting. The physical card will be different from the virtual card allowing users to block the physical card while still using the virtual card. It will be particularly useful when you suspect some foul playing or you lose the card. Similarly, if you suspect someone has your virtual card details, you can simply reset the card and get an entirely new virtual card within minutes.
If all of the features remind you of Apple Card, then you are not alone. It feels like Google has taken a lot of inspirations from Apple Card and applied on Google Card.
Anyway, what do you think of Google entering the financial market? I honestly don’t like when tech companies try to control our financial activities. Especially companies like Google and Facebook, whose prime income source is our data. Imagining them having my financial data as well, makes me insecure. I would love to hear your thoughts on this matter. Please share them in the comment section.