Google’s card will allow users to add or remove funds by connecting it with the partner bank. As far as authentication is concerned users will be given a choice between PIN or fingerprint. Furthermore, the card is expected to be available in both virtual and physical formats. As we can see in the screenshots, there is no card number or CVV just like the Apple Card.
Needless to say, Google’s payment card will piggyback on Google Pay. It is quite likely that Google will develop a new app to integrate the “Google Pay Card.” Unlike Apple Card, the one from Google is expected to be a smart debit card. Users might also have to bear the interchange fees on purchases made with the card. Meanwhile, Google can potentially leverage the data and use it to build new services like stock brokerage or insurance.
Google Payment Card will not offer any credit facility and seems to be similar to Apple Card Cash. Moreover, Google is expected to offer cashback or other forms of reward system for its users. The physical card looks minimalistic and we can’t help but notice that it resembles Apple Card. Lastly, we are not sure as to the release timeline.
Apple Card managed to break the mold with daily cashback and other such unique features. Over the past couple of months, we have seen a steady stream of new features added to Apple Card.
Google’s Payment Card leans more towards debit based contactless payments. Despite all the assurances from Google, the privacy concerns loom large. Especially since the company has access to user behavior across multiple platforms and services like Gmail and YouTube. It is also worth noting that Google is already late to the fintech business and has to offer some great features to gain traction.[via TechCrunch]