Google is working on its own physical and virtual debit cards, reportedly to compete with Apple, according to a report by TechCrunch.
These virtual debit and credit cards will later be associated with specific checking accounts of users. Users will be able to purchase things online, or with a card or mobile phone.
According to TechCrunch, the card will connect to a Google app that will allow users to keep a track on their purchases and account balance. A feature to lock their account would also be available.
“The card will be co-branded. Other partners on the card will include CITI and Stanford Federal Credit Union,” the report by TechCrunch noted, according to The Hindu Business Line.
The payments card, paired with for Google’s current digital payments app, Google Pay, is likely to help the firm compete with Apple. Apple already has its own virtual payment options like Apple Pay and the Apple Card.
Till date, Google Pay only allows one-on-one transactions between two accounts through virtual payment IDs that deposit the money directly into a user’s bank account.
Google had reportedly been working on fintech solutions for quite some time now. According to The Wall Street Journal‘s November edition, Google had been working on something for consumers to check accounts under its project ‘Cache.’
In response to the TechCrunch report, Google had said it was exploring partnerships with banks and credit unions to provide smart checking accounts to consumers through Google Pay.