Google Pay has been a success with over 67 million active users on the platform. Google Pay allows online and peer to peer transactions. Now Google would want a stronger base if it is to compete with Apple which already has its services like Apple Pay and Apple card. On much-expected lines, Google has been reportedly working on its version of Physical card. This would lay a major foundation for Google Pay as a fintech solution provider. They are trying to co-brand with banking partners like CITI and Federal Credit Union.
Google card will radically change the company’s grip on the finance sector. If properly accepted by the market, Google Pay Card will help Google to enlarge its user database and provide a strong foot to becoming a fintech giant. What else does Google gain out of this?
- A massive stream of acquiring revenue and data
- Understand market purchase trend
- Analyze data to strengthen Google Ads
- Pave out the path to offering further financial services like banking, financial instruments, etc.
- With platforms like android, Gmail, etc. acting as streams of behavioural data, the financial data stream would help Google to have a much larger influence on us.
Google Pay Card will not just be a stand-alone business opportunity for the company, but act as an enhancer for the rest of its services. It can get the data for time, date, location of the purchase, can draw patterns on such purchase behaviour, leading to design a more precise map to do successful transactions category wise.
As far as success is concerned, Google ticks off the resources bucket list; deep pockets, cream of engineers, touchpoints in every hand & last but not the least data, data & data.