Google Smart Debit Card: Everything we know so far

Google is developing its own physical and virtual debit cards, according to the latest leaks. The Google Card and the corresponding checking account would allow users to buy items with a card, mobile phone or online. It integrates with new functionality in a Google Pay app that allows users to quickly track transactions, check their balance or lock their account. The card will be co-branded with different partner banks.

As of now, Google Pay only makes payments online via UPI in India. A “Google Pay Card” will massively extend the use cases of the app and the potential of Google payment system.

Benefit to Google?

Through developing a smart debit card, Google is given the ability to access new sales and data streams. It may theoretically charge transaction fees on transactions made using the card or other checking account fees, and then break them up with its banking partners. Google could use transaction data on what people buy to improve the measurement or even targeting of ad campaigns, depending on their privacy decisions. If the company can show they’re driving a revenue boost, marketers may be able to buy more Google Ads.

Google Smart Debit Card: First Look

Google hopes financial services can become as intuitive as its email and maps service. The card design and app screenshots displayed below are not final and it is unclear when Google will launch them. So let’s take a look at what these Google internal documents say about its new payment system.

The Google debit card will come with your name, partner’s bank name and a new style QR code. It’s a chip card on the VISA/Mastercard network (or other networks). Users can add money or transfer funds from their account via the linked Google Pay App.

Upon linking to their bank account, users can pay with a physical Google debit card, including contactless payments, for transactions in retail stores by simply holding it up to a card reader. For NFC and Bluetooth mobile payments a virtual version of the card will reside on a user’s phone. Meanwhile, online or in-app purchases can be made using a virtual card number.

Talking about privacy and security concerns, it has a lot of options like contactless payments, reset card number and more as seen below in the screenshot.