MOUNTAIN VIEW, Calif.–A sneak peek at what the new “Google Pay Card” might look like has been revealed.
As CUToday.info earlier reported here, in late 2019, Google announced plans to begin offering checking accounts in 2020 and is partnering with Stanford Federal Credit Union and Citibank on the initiative. Google will not be front-and-center on the offering and instead the Stanford FCU and Citi brands will be consumer facing, with the financial institutions responsible for all of the back-end operational support and compliance. Partner banks and credit unions will offer these smart checking accounts through Google Pay.
The initiative has led to the creation of physical and virtual debit cards, according to TechCrunch, which said Google has been testing a user interface in the existing Google Pay app that “reveals what the Google Pay Card might look like.”
‘Simplistic Impression’
“Currently, the design of the 'Google Pay Card' aims for a simplistic impression,” TechCrunch said. “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.”
According to TechCrunch, “Images of the app, meanwhile, aren't all that glamorous. Google displays a virtual debit card at the top of its Google Pay app. Users can add money or transfer out through an existing checking account, and all transactions are listed in a 'Recent Activity' section. By tapping a specific transaction, Google shares details of the purchase and contact information for the merchant. It's a fairly standard set of features.”
The Rollout
The TechCrunch analysis suggested that the Google platform might not tap into lines of credit at first, and 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,” TechCrunch said.
Stanford FCU also does the same.