Google INC. Pay Card Partners With Crypto Exchanges to Store Crypto

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Reviewed by Tabitha Nyamburah

Google has finally put its focus on crypto. The tech giant recently revealed its partnership with crypto exchanges and payment platforms like Coinbase, Bitpay, etc. The partnership will allow Google to incorporate crypto assets and digital pay cards into its ecosystem. However, the company will still accept payments in traditional currencies instead of crypto payments.

According to Bill Ready, the company’s president of commerce, crypto will be something Google will be paying attention to as the company is looking towards creating more partnerships. He further adds that they have no intentions of becoming a bank but instead will act as connective tissue for the consumer finance industry.

Google’s Road Map towards Crypto

As part of this new plan, the company has hired former Paypal holdings executive Arnold Goldberg to manage the payments Division. Hiring Arnold will establish a new path for the Next Billion Users (NBU). Engineer Peeyush Ranjan has also been promoted to general manager to help extend the company’s global efforts..

Google pay cards will now be shifting to storing cryptocurrencies like Bitcoin, Ethereum, and other altcoins. The search engine giant will introduce the crypto pay cards for Google pay. This announcement comes as the company is peeking forward becoming a digital wallet focusing more on non-payment uses like the vaccine passports and tickets.

Billions Through Google Searchers and Shoppers

Initially, the search engine giant had plans to link plex banking accounts directly to Google pay which was previously Google wallet. Later it abandoned the plan for the new partnerships. More flashy Google pay announcements were and are still expected soon.

Google will be linking all payment options, including crypto, to its platform. Its move to accept digital cards with crypto exchanges means it’s finally warming up to developing a decentralized financial ecosystem.

According to Bill Ready, the firm will be keeping web searchers and shoppers on Google to help more activity continue on the free and open web, which pays dividends to general businesses. Moreover, the company makes billions of money through targeting adverts. So there will not be a necessity to rely on commissions as crypto exchanges do.

Google Scraps Plan to Offer Bank Accounts

Google had initially begun planning on offering bank accounts to its users. This is a plan that is no longer in play after the firm shifted its focus to primarily delivering digital enablement to the banks and other payment options providers.

This shift comes nearly two years after the search engine giant announced that the banking plans were off the table. This led to key executive figures leading the project making their way out of the firm. The goal was to allow users to open bank accounts through the Google pay app, which was in partnership with Citigroup and Stanford Federal Credit union.

By that time, Google pay had released a service known as Plex, checking and saving accounts with no monthly fees or overdraft. According to a Google spokesperson, it became evident that consumer demand for simple, secure, and seamless digital payments was high. As such the tech giant is heading to crypto. He adds that updates were ongoing for the new chapter with the crypto exchanges.

This move to abandon this plan confirms the banks’ fears of tech companies’ plans to disrupt consumer finance. Several other tech firms have followed the same route as Google, including Facebook, which is rebranding its crypto project because of several setbacks.

Google is looking to make banking more suitable for the mobile-first generation. Meanwhile, other big firms like MicroStrategy, Square Inc., and others have been acquiring more crypto. 

Cryptocurrency Banking

Crypto banking mainly allows people to hold their money in a digital wallet or even use it the same way they use fiat currency. The rise of cryptocurrency in this age and time is capturing the interest of traders, investors, and financial institutions alike. Money is slowly leaving the hands of the regulators and into the hands of the owners’ hands, which is irritating financial entities as they are losing out on their businesses.

Bitcoin and other altcoins are equivalent to cash. However, in this case, they are in electronic form. The beauty about crypto is that no one regulates its movement as transacting it needs just blockchain, meaning that no one can trace your money, and you can move it from one place to another across the world.

Crypto banking simply means being your bank. You manage your crypto balances on exchange platforms like Binance, Coinbase Bitpay, and others that are reputable. It’s a revolution that could transform consumer finance and traditional banking in the near term.

Benefits of Crypto Banking

The primary benefit of crypto banking is that crypto exchange platforms allow consumers to use virtual coin balances like any other currency in day-to-day activities. This is probably why Google is turning to Coinbase, Bitpay, and many other crypto exchanges out there.

Like cash currency, Altcoins can be withdrawn for use, and you can still keep it as an investment or use them to acquire a loan by using crypto debit cards.  These cards operate more or so like prepaid debit cards. You deposit or load your crypto to make online purchases and other businesses easier.

However, you will require to open an account with a crypto exchange or, better still, own a digital wallet to apply for a crypto card.

Global Crypto Adoption; Is This the Future of Payments?

Crypto adoption worldwide is taking off very well, with an 881% rise, according to data analysis by Chainalysis. About 154 countries are venturing into crypto buying and selling. This is also indicated in the vast P2P transactions made in countries like Kenya, Nigeria, and others on the P2P platforms.

Soon all people and countries will be using crypto to buy and sell. It also looks like crypto adoption is about to become widespread in the retail payment service. Crypto is changing how payments will be made both now and in the future. 

About 72% of global businesses consider crypto as a future of payments. The demand for crypto has increased from customers and suppliers. Now Google and other big tech companies are aligning and responding to the growing market, which hit $2 trillion in 2021.

The retail payment services will be very significant in global crypto adoption. This is because many businesses will be looking to add crypto as a payment option. For example, Tesla, Squire Inc., and others accept Bitcoin and a series of altcoins for payments.

WhatsApp, the most prominent messaging app, recently began testing crypto payments with Meta’s Novi wallet. Not only so, but key people in the world have also been accumulating lots of crypto into their holdings and increasing their portfolio, including the most famous Michael Saylor and, of course, the only crypto King Elon Musk.

Global crypto adoption from this standpoint looks is inevitable. Currently, there are about 46000 Bitcoin ATMs in the USA alone with more expected to come in the near term. Last year, El Salvador made Bitcoin its legal tender and had been at the forefront of buying more bitcoin even at its current dip. At writing Bitcoin was at $42704, proving to be a strong resistance zone.

We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.

ABOUT THE AUTHOR

Tabitha Nyamburah
Journalist

ABOUT THE AUTHOR

Tabitha Nyamburah
Journalist

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