Tech company will issue virtual and physical debit cards
Search giant Google has started developing its own physical and virtual debit cards, which will be issued in combination with Citibank and Stanford Federal Credit Union.
According to TechCrunch, which has shared pictures of the company’s future product, the payment card will be linked to the Google Pay application. Initially, it was believed that the card would be presented earlier this year, but at the moment there is no exact release date for the Google Pay card.
Users can shop online and offline, pay with a physical card, and use a mobile application that will allow you to track your transactions, check balances, and block your account.
Reportedly, Google plans to start competing with Apple Pay and Apple Card. It is noted that the Google product will be significantly different from the Apple Card, a credit card issued in August last year in partnership with Goldman Sachs.
According to the information, tools for analyzing and planning budgets will be added to the Google Pay application, with customer funds being insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). The company also plans to expand cooperation with banks and credit unions in the United States in the future.
Paypal magazine help
Earlier we wrote that Facebook’s alternative currency payment system can be created. The Libra Social Media Digital Currency Association has applied for a payment system license from the Swiss Financial Market Supervisory Authority (Finma).
According to the new edition of the project’s white paper, Tula expects many changes, including technical ones. It is planned to develop a series of stablocks, each of which will be linked to different fiat currencies – US Dollar, Euro, Pound Sterling and Singapore Dollar. In addition, each fixed currency will be provided with a reserve – cash or cash equivalent. The company will also develop the Libra blockchain, which will form the basis of financial services, including the new global payment system Tula.
Read: 100 Cards in One: How the Curve Multicard Card Works
According to the material techcrunch.com