Following the success of the Apple Card, Google is preparing its own debit card.
According to TechCrunch, Google is developing both a virtual and physical debit card. Unlike the Apple Card, which is a credit card backed exclusively by Goldman Sachs, Google’s debit card will work with an array of banks.
TechCrunch’s source said the card will be linked to a Google app, providing an easy way to monitor balances, purchases and more. It could also substantially beef up Google Pay, which is currently restricted to online and peer-to-peer payments. TechCrunch’s source provided photos, as well as proof they came from Google.
If true, the news is the latest example of a major tech company moving into the financial market. Tech companies are eager to offer financial services, and tie-ins to their core products, in an effort to keep customers firmly rooted in their ecosystems.
Given Google’s past privacy issues, however, the company may have its work cut out convincing individuals their data and privacy will be respected.
