Key Takeaways
- Technology giant Google is reportedly planning to list Bitcoin and crypto on its payment app
- According to reports, Google Pay will let users register cards that hold Bitcoin and other cryptocurrencies
- However, the company is yet to accept any payments in cryptocurrencies.
YEREVAN (CoinChapter.com)- Google is reportedly preparing to plunge into Bitcoin (BTC) and cryptocurrency. According to a recent report by Bloomberg, digital cards that store cryptocurrencies may soon be usable on Google Pay, thanks to partnerships with crypto payment services like Coinbase, BitPay, and Gemini. Google Pay is the company’s official digital wallet platform and online payment system.
However, Google has confirmed that crypto adoption will come with reservations. While the company’s payment wallet will integrate cards that hold crypto, customers will not spend Bitcoin (BTC) directly. Instead, they will have to continue relying on fiat currency for payments.
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”
Bloomberg quoted Bill Ready, Google’s president of commerce, saying.
Google is one of the biggest names in the tech industry. Its parent company, Alphabet, ranks 14th on top public companies by revenue. According to the New York Times, in the third quarter of 2021, the company’s revenue reached $65.12 billion, with a net profit of $18.94 billion.
The integration with cryptocurrencies puts Google one step ahead of its rival Apple. In November of 2021, Apple CEO Tim Cook claimed they could incorporate cryptocurrencies into Apple Pay.
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Could Bitcoin (BTC) shape Google’s financial services?
Recently, Google dropped plans to offer banking services directly to users.
Instead, in 2020, the tech mogul announced they were collaborating with Citigroup and Stanford Federal Credit Union to make inroads into the banking sector. The service, which Google called “Plex,” would allow users to have checking and savings accounts without monthly fees or mandatory minimum balance requirements.
At the time, Google said it would offer a service called “Plex” for checking and savings accounts that would have no monthly fees, overdraft charges, or minimum balance requirements. The company was to offer those services through its Google Pay wallet.
Additionally, according to a report by CNBC, users would have had the option to request a physical debit card, which would have run on Mastercard’s network.
However, two years after the announcement, Google dropped its plans to push into banking. Caesar Sengupta, the former head of the Plex project, also left Google in April, stalling its banking plans.
Now Google has hired Arnold Goldberg, executive of PayPal, to run the company’s payments division. Having dumped its banking project, a further expansion into Bitcoin (BTC) and crypto payment services could shape Google’s business plans for the future.
Bitcoin (BTC) currently trades 40% below its all-time high. Credit: CoinMarketCap
At the time of writing, Bitcoin (BTC) trades for $42,099, according to data by CoinMarketCap. The world’s leading cryptocurrency is about 40% below its all-time high of $68,789.63 two months ago.
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What lies ahead for Google Pay Bitcoin (BTC) payments?
Bill Ready, Google’s president of commerce, claims the tech giant will look to collaborate with a wide range of payment services, including cryptocurrencies like Bitcoin (BTC). Google’s current plans are part of expanding its customer base, which Google calls Next Billion Users, or NBU.
In a recent interview with Bloomberg, Kris Marszalek, CEO of Crypto.com, claimed the number of crypto users in the world could reach 1 billion in 2022.
Meanwhile, given the aggressive adoption of Bitcoin (BTC) and other cryptocurrencies, it won’t be long before Google offers full-fledged cryptocurrencies services. Should that happen, it could set the price of Bitcoin on an unparalleled rally.
