After Apple’s entry into the FinTech business, Google also has made a motion to enter the FinTech sector. It was on last November that Google clued about offering personal checking to its users.
According to sources, the enterprise is similar to Apple’s FinTech initiative in many facets. A smart credit card of its own is what Google is planning to start with.
This is with the intention of making Money management an easy job for people. Unlike Apple, Google will be not issuing a line of credit. Apple in association with Gold Sachs is already dealing out digital credit cards. Google is planning to partner with Citibank to propel this motive into action plans.
How will the Google Digital Debit Card work? Like already mentioned, Google’s debit Card will be a technique to smoothen the Money Management. This app will give the users a perfect idea on how much money has been spend on different expenses and where they have spent (like the Apple Wallet).
In addition, the Apple Card even when a user loses his card, it can be locked even while purchasing items in its digital form. This feature can be activated through a virtual authentication token which shall be different from the physical card number.
However there has not been any definite confirmation about their plan to launch a digital debit card. However a spokesperson was commented saying that Google is critically studying the possibilities of smart checking of accounts registered with Google Pay.
A confirmed statement about this FinTech initiative of Google is eagerly awaited by the world audience!