According to a Friday report by TechCrunch, Google is developing physical and digital debit playing cards that are attached to apps for payments, handle purchases and check balances. This product will compete with the iPhone maker’s Card financial service Apple Card, which debuted last year.
Based on the report, Google’s physical card has a chip on it, and numerous banks and credit unions corresponding to Citigroup and Stanford Federal Credit Union are affiliated with it. The objective is to make cards the foundation of search large Google Pay mobile payment services.
The information got here out after Google introduced in November that it could work with Citigroup and SFCU to offer consumers a smart checking account.
Apple’s credit card undertaking was first introduced in August and is backed by Mastercard and Goldman Sachs. Designed for iPhone and works with Apple Pay. The card has no charges and offers money-back rewards daily. The transfer by Google and Apple underscores a significant push to financial services by the world’s largest tech companies.
However, this effort could be backed by Silicon Valley’s past scandals. The public, parliamentarians, and the media take a more in-depth have look at the technology industry‘s privacy and data collection practices.
As Google and Apple work on credit and banking services, Fb‘s financial project, a cryptocurrency service named Libra, faces strict regulatory scrutiny. On Thursday, social networks introduced a model of service just like fee products like PayPal-reduced from its unique vision of reshaping the global financial system.
Google on Friday didn’t touch upon plans to create a physical credit card however confirmed that it was working with Citigroup and the Stanford Federal Credit Union. Google stated it’s going to share extra particulars within the “coming months.