It was reported in November of last year that Google was planning to offer a checking account, sometime this year in partnership with Citigroup and the Stanford Federal Credit Union. Now, the company could be pairing that effort with a physical debit card that it’s reportedly developing, according to the news reports.
The initiative is intended to be a new anchor for Google’s existing Google Pay program, which at the moment only allows online and peer-to-peer transfers by incorporating a physical debit card that could be used for a broader range of transactions. The inclusion of the debit card will make it easy for Google to monitor transfers and sales, as well as provide the company with useful insights into customer spending.
The name of this new debit card hasn’t been decided yet, but it is seen as a direct competitor to Apple’s card.
According to the reports, the only difference is that Google’s version is a debit card, with partners such as Citigroup and Stanford Federal Credit Union. It will also have support for Visa, though support for other payment processors like MasterCard is also possible.
Similar to the Apple Card, the Google debit card is designed to work as a physical card and a tap-to-pay digital card on a phone, and it will offer a separate virtual card number for use with online retailers.
Google’s Pay App will let the users to easily track their purchases. And in case if you lost your card or it got stolen, the user will be able to lock their card or their account entirely.
If you compare this card to existing debit card options from banks, Google’s debit card looks to be more secure and safe. There’s is no official date announced by Google for the launch of this debit card.