Better late than never, Google is jumping into the fintech game by creating their own Google debit card.
According to TechCrunch, Google is working on a physical and virtual debit that could reveal tech giant Apple's Apple Pay card. The Google card will come linked to an app connected to an active checking account, allowing card users the ability to make purchases via card, mobile device, or online.
While there is no official name for the smart card, Google has formed co-branded partnership possibilities with several banks that so far include CITI and Standford Federal Credit Union. TechCrunch obtained photos of the Google card that features a chip card and Visa network logo on the displayed on the front.
Currently, Googles Pay platform allows users to make peer to peer transactions. In addition to peer to peer transactions, the platform also provides tap technology, letting users sync bank cards to the Google Pay app handy for in-store purchases.
By Google adding a physical and virtual card to its model, it opens the door for several new massive streams of additional revenue opportunities for the tech company.
When TechCrunch reached out to Google executives for more insight about the project, Google gave them the same response that they had initially given to the Wall Street Journal last year:
"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."
There is no official word as to when the smart card will be making it into the hands of consumers.
Stay tuned for updates.
Image Credit: TechCrunch