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Google Pay may introduce cryptocurrency cards in order to entice the ’Next Billion Users.’
According to Bloomberg, Google wants Google Pay to function more like a wallet than a payment tool.
What you should know
* Following the cancellation of Google Pay's Plex banking plans, Google is hiring new executives and pursuing a fresh approach to fight with Apple Pay.
* Google Pay will evolve into a "complete digital wallet" with a stronger emphasis on non-payment applications such as vaccine passports.
* Google has worked with cryptocurrency businesses to integrate digital currencies into its services, but does not currently accept cryptocurrency payments.
According to analyst Tom Noyes, Google Pay will process just 4% of contactless payments in the United States by 2020. Additionally, Google abandoned plans to offer Plex banking accounts directly through Google Pay late last year.
According to Bloomberg, Bill Ready, Google's head of business, stated that "we have no aim of becoming a bank" and that any efforts to do so were made "inadvertently." Rather than that, it has broader ambitions to become the "connective tissue for the entire consumer finance business," which implies that it will eventually work with other institutions.
Additionally, Ready indicated to Bloomberg that Google Pay's future plans may include cryptocurrency. "We pay a lot of attention to cryptocurrency," he told the outlet. "As user and merchant demand evolves, we will adapt."
For the time being, users can store Bitcoin or other cryptocurrencies on digital cards but cannot use them to make in-person purchases. Clearly, if enough businesses accept bitcoin to justify Google investing in the infrastructure necessary to process crypto payments, Google will accept it.
For the time being, Ready says, Google Pay will focus on becoming a "complete digital wallet" for storing information such as immunisation passports and tickets. The fact that Google changed Google Wallet to Google Pay in 2018 adds an ironic twist to this shift in priorities.
Google Pay's leadership structure will be restructured as part of these new objectives. Arnold Goldberg, a former PayPal executive, has been named as Google Pay's new vice president and general manager of its payments section. He will lead a new programme called "Next Billion Users" (NBU); one has to love Google's New Year's resolution's audacious branding.
Additionally, Google promoted engineer Peeyush Ranjan, who was instrumental in growing Google Pay's popularity in India, to general manager of its wider worldwide operations.
For the time being, Google Pay contactless payments will continue to be supported on a broad variety of smartwatches. However, its new management are expected to make some eye-catching Google Pay announcements in the near future.
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By Crypto PiratesAccording to Bloomberg, Google wants Google Pay to function more like a wallet than a payment tool.
What you should know
* Following the cancellation of Google Pay's Plex banking plans, Google is hiring new executives and pursuing a fresh approach to fight with Apple Pay.
* Google Pay will evolve into a "complete digital wallet" with a stronger emphasis on non-payment applications such as vaccine passports.
* Google has worked with cryptocurrency businesses to integrate digital currencies into its services, but does not currently accept cryptocurrency payments.
According to analyst Tom Noyes, Google Pay will process just 4% of contactless payments in the United States by 2020. Additionally, Google abandoned plans to offer Plex banking accounts directly through Google Pay late last year.
According to Bloomberg, Bill Ready, Google's head of business, stated that "we have no aim of becoming a bank" and that any efforts to do so were made "inadvertently." Rather than that, it has broader ambitions to become the "connective tissue for the entire consumer finance business," which implies that it will eventually work with other institutions.
Additionally, Ready indicated to Bloomberg that Google Pay's future plans may include cryptocurrency. "We pay a lot of attention to cryptocurrency," he told the outlet. "As user and merchant demand evolves, we will adapt."
For the time being, users can store Bitcoin or other cryptocurrencies on digital cards but cannot use them to make in-person purchases. Clearly, if enough businesses accept bitcoin to justify Google investing in the infrastructure necessary to process crypto payments, Google will accept it.
For the time being, Ready says, Google Pay will focus on becoming a "complete digital wallet" for storing information such as immunisation passports and tickets. The fact that Google changed Google Wallet to Google Pay in 2018 adds an ironic twist to this shift in priorities.
Google Pay's leadership structure will be restructured as part of these new objectives. Arnold Goldberg, a former PayPal executive, has been named as Google Pay's new vice president and general manager of its payments section. He will lead a new programme called "Next Billion Users" (NBU); one has to love Google's New Year's resolution's audacious branding.
Additionally, Google promoted engineer Peeyush Ranjan, who was instrumental in growing Google Pay's popularity in India, to general manager of its wider worldwide operations.
For the time being, Google Pay contactless payments will continue to be supported on a broad variety of smartwatches. However, its new management are expected to make some eye-catching Google Pay announcements in the near future.
Support us!