Google Pay hires PayPal executives to drive cryptocurrency payments.

Google has hired a former PayPal executive to take over Google Pay and plans to expand into cryptocurrencies. ~

Arnold Goldberg worked to run Google Payments as part of the company's overall expansion into financial services, including cryptocurrencies. ~

Bill Ready, president of business operations at Google, told Bloomberg:

“Cryptocurrency Yog […]

Google Pay is an online payment service developed by Google that enables in-app, online and contactless purchase of mobile devices, including Android phones, tablets and watches. ~

As part of the restructuring, Reddy said Google would focus more on transforming "digital wallets" that include digital tickets, airline tickets and passports. ~

According to the news, the price of Bitcoin (BTC) rose from a 24-hour low of $41,254 to $42,478 before falling back to $41,887. ~

Google has been involved in the crypto space for quite some time, partnering with several crypto companies through 2021. The company is expected to consider working with several cryptocurrency companies. ~

In April 2021, Google Pay announced a new partnership with global cryptocurrency exchange Gemini. The update will allow Gemini users to purchase Bitcoin with fiat currency by debit or credit card through Google Pay.

The tech company also partnered with Coinbase in June to allow exchange users to use their Coinbase card to make purchases and services through Google Pay. Users can also get up to 4% back on cryptocurrency purchases. ~

In October, a partnership between cryptocurrency exchanges Bakkt and Google will allow exchange users to use their Google Pay wallets to purchase products and services using a variety of cryptocurrencies. ~

In Paypal's case, it appears to be a minority as fintech companies seek to establish their own stability. Earlier this month, Paypal confirmed that it plans to release "PayPal Coins", first spotted by developer Steve Moser on the platform's iPhone app source code. ~

Just three months ago, the tech company launched a service plan called "Plex" that would allow users to create analytics and save money.

"We are not a bank and we have no intention of becoming a bank," Reddy said of the decision to cut Flex. "Some of our past efforts have sometimes led to this place being forgotten."

Google Pay was launched in 2015 and updated in 2020, turning the platform into a hub where users can track their spending and find discounts.