After search, smartphones, laptops and a ton of software solutions, the next destination for Google might be financial services. After all, Apple did it with the Apple Card last year. As per a massive leak courtesy of TechCrunch, Google is working on physical and virtual smart debit cards that will work in tandem with the in-house Google Pay service.
Google will offer a smart debit card in partnership with Visa (possibly Mastercard too) and earn revenue via the interchange fee model. The virtual card on the phone can be linked to bank accounts after which, the physical card can be used to make payments as well.
The software interface suggests Google will offer robust security measures to help users in case their Google debit card is stolen or it is hacked. Security options range from changing the PIN and resetting the virtual card number to shutting it down entirely.
Moreover, leaked screenshots suggest users will be able to easily monitor their purchases with details such as merchant name, date, address, location on map, directions, and a lot more.
As for the physical card, it will reportedly be co-branded in partnership with CITI and Stanford Federal Credit Union. Coming to the design aspect, the leaked images suggest it will be a standard chip card with Google branding, but a final design and name for it have not been decided yet.