Google could be the next big tech name to enter the physical payments card market. According to a report the search giant is planning to announce its own payments card and while details are limited, it is being called the Google Card. This means that Google would soon compete with the Apple Card, which launched last year in March. Recently Huawei also announced the Huawei Card last week alongside the P40 smartphone series.
Now the Apple Card is a credit card that has been made in partnership with Mastercard and Goldman Sachs. The upcoming Google Card, however, is going to be a debit card and it will be co-branded with different bank partners, including Citi and Stanford Federal Credit Union. It will feature a Visa-powered chip, although Google could further expand support for other payment processors.
There will be a virtual version of the Google Card with a virtual card number for online purchases just like the Apple Card. The physical Google Card could be used for purchases at retail stores along with support for contactless payments as well.
Assumingly, the card could be added to the Google Pay app and users will be able to keep a tab on all the purchases made. There will also be an option to block the card inside the app in case the card has been misplaced or stolen.
There is no clarity as to when exactly Google will launch this card, but it did recently say in a statement that it's exploring ways to "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".