Google partners with CITI and Stanford Federal Credit Union for smart debit card
Mon, 20 Apr 2020, 00:37 am UTC
Google Card is already in the works.
TechCrunch obtained various images of Google Card and its associated checking account. It will reportedly allow users to pay using a card, mobile phone or online. The card is co-branded with its bank partners CITI and Standard Federal Credit Union.
The Google Card is connected to the Google app that comes with new features that let customers easily monitor their purchases, check their balance or lock their accounts.
Another source confirmed that Google has been working on a smart payment card and they are hoping that it will become the foundation of Google Pay app similar to its rival Apple Pay and Apple Card.
Building a smart debit card would open new business opportunities for Google. In fact, it could pave the way for the technology company to offer banking, stock brokerage, financial advice or robo-advising, accounting, insurance, and lending services.
TechCruch reached out to Google to confirm the report and it didn’t deny the publication’s findings and assertions. Instead, it confirmed that it is looking for ways to work with banks and credit unions.
“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. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months,” Google said.
Google’s current strategy is to partner with banks and credit unions to offer financial infrastructure as it navigates regulation. However, it might cut out the banks in the future. In 2013. Google launched a Wallet debit card as an extension of its Google Wallet payment app but shut it down in 2016.
Meanwhile, crypto exchange Coinbase announced in March that its customers can add their Coinbase Card, a Visa debit card funded by crypto, to Google Pay. By doing so, they can enjoy a fast and secure payment method using their smartphones, smartwatches, and other Google Pay-enabled devices.
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