|May 8th, 2020|
We all know the tech giant Google for its amazing experiments and groundbreaking stuff that it keeps discovering. The people at Google are always bringing new and interesting things to the world of the internet. Well, only this time they have got something even better. Rumors have been going around the tech news websites about Google launching its own physical and virtual debit card. If these websites are to be believed then we can expect some wonderful features in this card apart from the usual capabilities of a debit card. The search giant will accomplish this feature in collaboration with major card issuing brands around the world.
Google has ventured into every aspect of the internet so far but it was not so predominantly active in the mobile payments market. There is just one mobile application Google Pay which has been their solo project in the payments market so far. Now, the news about a debit card that allows users to pay via Bluetooth even when there is no POS (Point of Sale) terminal is doing rounds on the internet. The card will supposedly be linked with their Google Pay app that will track all the transactions, payment history, and balances and will also allow you to lock the debit card for security purposes. The idea to use an app to control a debit card is a good one, considering Google is not setting up any online banking system and thus, the Google Pay application will work as a good intermediary between the phone and the debit card.
Google hasn’t yet released any official information or disclosed the name of its card, but there are leaked pictures of the debit card’s first look all over the internet. This card will be using the Visa payment network as far as the news websites report. As informed above, this card will have a virtual version too which will work for Bluetooth payments and also integrate with a number of online and in-app payments. A PIN or fingerprint access system will be used to secure the card.
Google has been quite serious about developing its own card that makes the payment platform more capable and versatile. This is because there have been several impediments to the adoption of mobile payments functionality in several developed markets. This is due to the consumer habit of using credit/debit cards instead of relying on more convenient mobile payment facilities. However, in the Asia Pacific region where the markets are still developing, economies are tipping towards cashless transactions, and mobile payments are more than welcome there. In countries like the USA where POS terminals are available everywhere, the customers are finding it difficult to make a switch.
At this time, a Google debit card will open the doors to better and more seamless customer experiences while paying in-stores and will also find it easier to switch to mobile payments. Due to the coronavirus pandemic, people are refraining to use cash as it is and they have also shown an averseness towards handling POS terminals due to fear of contamination. This opens doors for growth in mobile payments and contactless payments are prepped for a major boost in their share of overall transactions.
It is clear that Google has timed this really well and while the world gets ready and habitual of mobile payments, Google will drop the bomb any day. The expectation is that their debit card will have more features than we have discussed because Google never fails to surprise us. Let’s wait and watch!