Google is reportedly working on its own physical and virtual debit cards. According to TechCrunch Google is preparing to launch a debit card. There is no official name released yet so let’s call it Google Card for now for better understanding.
As you know other tech giants like Apple, Huawei have already released their cards. Last March Apple announced its Apple Card and last week Huawei unveiled its physical payments card.
This card can be used as a regular card for online shopping and local retail stores as well. A few months ago Google has rebranded their payment app from Google Tez to Google Pay.
This could be a great foundation for a smart debit card. Currently, Google Pay only allows online transactions and peer-to-peer payments by connecting a traditionally issued bank payment card. A payment card of their own can open a vast space for Google.
The report suggests that the card will be co-branded with many bank partners, including CITI and Stanford Federal Credit Union.
In many countries, Google also considered a fintech giant with the presence of the Google Pay app. Google could potentially charge interchange fees on transactions made with their card or other checking account fees. Then the fee would split with its banking partners.
The same report features some screenshots of a Google Pay-like app showing some features. You can see “Recent activity”, “Add money”, “Transfer-out” some Individual transactions with basic details and the location, with shortcuts to “Open in Maps” or call. Users can monitor the purchases, add money to the card and check balance through the app.
Some other screenshots show the setting and account details of the app. As we have discussed earlier, there would have a virtual version of the card that can be stored in the app.
According to the report, the virtual card would be different than the physical one. Google has added some security measures to the card. If you suspect that the virtual card number was stolen by an unknown person, then you can quickly reset it. If someone got unauthorized access to your account, then you can lock it and block all types of payments and transfers.
The first look of the Google Card
The report also revealed a possible design for the physical card. It could have a vertical layout. Your full name would be printed on the front side, while there’s a circular dotted graphics design and the partner bank’s logo below.
Please note that this is not the image of the final design. This is just a demonstration and released cards may have some similarity to this.
With Google card, the search engine giant can challenge early birds in these segments like Apple and Huawei. There is no official statement when Google’s debit card would launch.