Google has taken new policies for its payment system, and according to the company, Pay will become a “comprehensive digital wallet.” These changes will lead to adding new payment methods to Search and Shopping.
Google Pay has been at the top of the news during the last few months. First, Google announced it will abandon the plans for Plex bank accounts. The goal of the project was to offer bank accounts to Google users. However, the Plex was buried in the graveyard of Google’s dead services. Bill Ready, the company’s president of commerce, said Google has “no intention of being a bank.”
Now, Google is considering new policies and strategies for Pay. As per the Bloomberg report, Google wants to “become the connective tissue for the entire consumer finance industry.”
Cryptocurrencies are a part of Google Pay comprehensive digital wallet plan
The cryptocurrency market seems to have gotten attention from Google, and the company intends to offer wallets for cryptocurrencies. To that end, Google will partner with Coinbase and BitPay to “store crypto assets in digital cards.” Of course, Google now supports adding Coinbase cards to Pay.
Google plans for cryptocurrencies are still vague, and the company refuses to leak more details. However, the company’s president of commerce acknowledges that they have plans for cryptocurrencies. “Crypto is something we pay a lot of attention to,” Ready said. “As user demand and merchant demand evolves, we’ll evolve with it.”
Dates back to July, Google added the support for COVID-19 vaccination cards to Pay. Moreover, the service is now available on Galaxy Watch 4 devices. The list of items under the “comprehensive” is not yet clear, but vaccine passports, airline passes, and digital tickets are among those that will be supported.
Google Pay has just started to offer cashback promos across YouTube Premium and OYO Hotels. It seems that Google wants to expand its payment method to all possible apps and services. The final goal will be to make it a comprehensive digital wallet.