Google is apparently working on a new debit card for their Google Pay platform, and if you're having deja vu, don't worry, we are, too.
This is apparently different from the old Google Wallet card, but we'll forgive you if you're seeing some similarities. Let's see what this is all about.
Google Pay smart card
This card seems like it's intended to be a rival to the Apple Card, although it's specifically only a debit card, unlike what Apple offers. That means there's no line of credit extended and no credit check to open this one up, and it'll essentially act like a checking account for your own money.
But it does open up a new potential source of revenue and data for Google. They'll be able to charge processing fees with their own card and accounts, and there's a lot of personal data that can be used for advertising that you can get from someone's checking account and spending habits. That extra insight into potential advertising targets is most likely what Google is really after.
Additionally, since this will be its own card, it'll work in places where Google Pay doesn't. Right now if you have your card in Google Pay but the merchant doesn't accept NFC payments, you're just out of luck. Samsung Pay can mimic a regular card, and Apple also offers their own fallback card, but Google Pay doesn't have a solution right now. This smart debit card would solve this.
But remember when we mentioned the old Google Wallet card earlier? There are plenty of reasons to be wary of this.
In a time where consumers are more and more mindful of what data they give to big companies, how willing will everyone be to give Google insight into what they're buying and spending every month? And if you do trust Google with that info, do you trust them to keep this card and platform going long term? The Google Wallet card had a three-year lifespan, launching in 2013 and getting nixed in 2016.
On the bright side, this card will definitely be more integrated into your Google account than any other debit card, and managing your finances alongside your email certainly sounds appealing, if it works well. Google doesn't struggle to make good apps, either.
According to this leak from TechCrunch, the card appears to be a Visa card, and Google will be partnering with another bank to actually hold and manage the money and deposits. Users will be able to make NFC payments with a virtual card, generate card numbers for online purchases, and swipe the card at physical locations when NFC isn't available. It looks like it'll be very tightly integrated into the current Google Pay system and will live alongside any other cards you have added to Google's payment platform.
Google's not the first tech company to step into financial services, and they probably won't be the last. But with Google's somewhat mixed track record of supporting products, this one feels like a tough sell.
