Google Pay plans to integrate cryptocurrency cards to attract more users. The company aims to make Google Pay more of a wallet than a payment service.
According to article Bloomberg dated January 20, Google is working on the ability to “store cryptocurrency assets on digital cards.”
In October, Google and US-based cryptocurrency platform Bakkt has joined forces to enable nearly 10 million Bakkt users to link their virtual Visa cards to Google Pay and purchase goods and services using cryptocurrencies.
Once Bakkt cards are linked to Google payment services, cryptocurrencies will be seamlessly converted into fiat currency. The company hired Coinbase and BitPay to store crypto assets.
The search giant has not yet fully embraced digital assets and is not accepting them, but said it is looking for partners to bring more users to its payments app.
Google has tapped former PayPal executive Arnold Goldberg to lead its payments division and expand its financial services offering.
Google is far behind its competitors in the payments business. Google accounted for just 4% of contactless payments in the U.S., according to a 2020 study.
Google Pay doesn't charge transaction fees, and that won't change, according to Bill Ready, Google's commercial president.
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