Why Google Wants To Do Away With Your Debit Card

It is going to be an entirely new different platform of financial services. The company started exploring the idea lately last year and accessed possibilities with banks and credit unions.

According to TechCrunch, the internal project has led to the creation of physical and virtual debit cards.

Both appear to get managed through a checking account. Google's testing a user interface in the existing Google Pay app that reveals what the 'Google Pay Card' might look like, and that's what you're seeing in the image above.

Currently, the design of the 'Google Pay Card' aims for a simplistic impression. It could change, but right now Google is planning a white rectangle that shares the cardholder's name and the name of the partnering bank. There are also small, colored dots that might serve as an ability for a user to set up and sync the card with their smartphone. It does sport a chip, and users should be able to use the 'Google Pay Card' through swiping, inserting, and scanning.

Google isn't planning to build out a legitimate financial services subsidiary, but it'll rely on partners such as Citibank and Stanford Federal Credit Union to design a well-made platform. Since they're experienced with financial services, Google's idea shouldn't fall short. In terms of the physical and virtual debit cards, Visa's brand surfaces in several images. Visa can process tens of thousands of simultaneous tractions globally at any second, which Google could find attractive to ensure reliability.

Google's platform might not tap into lines of credit at first. Google will instead limit users to accessing funds through cash. It'll focus on funds that a user definitely has rather than what they're capable of borrowing. Lines of credit, though, could roll out at a later time since Citibank acts as a partner and offers credit cards as well as loans to its customers.

The company might also attach promotions and discounts to the platform. Apple, for example, lets Apple Card users earn cash back on purchases through its retail stores and online storefront but also through select retailers.

Above all, Privacy remains a major concern and Google needs to thread with caution. Now check the Apple Card, where in the aftermath of a viral tweet, a gender bias probe opened to find out if Apple and Goldman Sachs are restricting lines of credit provided to females.

Finally, google also generates controversy due to its business model that relies on user data, if this platform of financial services aims to gather information to tailor advertisements, some consumers could feel Google's unrightfully monetizing their lives.