Crypto? on Google Paid New Ideas?

According to a Bloomberg report, Google has hired Arnold Goldberg, former chief executive and managing director of PayPal, to take over its payment services, Google Pay. .

Google has been exploring digital authentication and saving money for users of Google Pay, dubbed "Plex," for years and has partnered with 11 banks to develop the service, but the company didn't give up in October. . Google Pay wants to be the "link" to the whole consumer banking industry, not just some affiliates, it doesn't want to be a bank.

After being introduced to the bank, Google introduced a new method for Google Pay.

Google became the leader in search and other online services, but never touched the financial world. So far, Google Pay has only gained attention in India and has struggled in other areas. It stays away from its Apple Pay competitors and does not abandon its debit card and financial products like Apple. Market analyst Tom Noyes predicts that by 2020 Google Pay will account for 4% of cash and non-cash payments in the United States, calling the service "often a failure". ~

However, Google has a positive impact on consumers. Launched in 2015 and updated in 2020, Google Pay was created to allow users to track prices and find discounts on transactions with Google Pay without payment. At the time, Google said the app had 150 million monthly users worldwide.

“Our goal is to help connect, no problem,” Bill Ready, president of Google Commerce, told Bloomberg.

So, as part of its overhaul, Google Pay will add more payment capabilities to its search engine and shopping services, with a focus on becoming a "digital wallet." that it deals with various financial services (including crypto assets.) a difference. "

Ready to say:Crypto is something we are focused on and will evolve with it as consumers and merchants need to evolve."

Google Pay was one of the early successes of the crypto industry.

In March 2020, Google Pay added support for Coinbase cards, making it easier for users to use crypto tools in the store. Coinbase Card is a Visa debit card launched by Coinbase, a cryptocurrency exchange, in April 2019. Card users can pay with 10 different crypto assets directly through their Coinbase balance at any store that accepts Visa as a mode payment, and receive up to 4% back on purchases.

August 2021 Google Pay adds support for BitPay MasterCard encrypted debit cards. Two months later, a debit card announced by cryptocurrency exchange Bakkt in partnership with Visa will also launch on Google Pay and can be used for daily use of crypto assets.

This is not the first time that Google has entered the cryptocurrency business.

According to a report by analyst firm CBInsights in late 2017, from 2012 to 2017, Google's venture capital arm, Google Ventures (abbreviated as "GV"), invested in several crypto startups, including Gyft, Blockchain, and Ripple. , Buttercoin, LedgerX, etc. For 5 years from 2012 to 2017, Google invested in cryptocurrencies in the second place in the world after SoftBank Group in Japan.

Image: Some of Google's investments in the crypto industry have come from the Zero One Think Tank.

Google Pay does not currently support crypto businesses, but will continue to develop partnerships with crypto businesses. Crypto is part of our future growth strategy, and it's one of the reasons we're hiring ex-Paypal executives.

Arnold Goldberg is the Chief Product Architect and Managing Director of PayPal. He leads the company's treasury and marketing services activities. During the Goldberg deal in 2020, Paypal added crypto functionality after obtaining a license from the US Department of Financial Services, allowing users to trade and hold crypto assets directly from their PayPal accounts, allowing them to trade and hold cryptocurrency at $377 million. crypto payments for international gateway users. Paypal has grown into a sub-app, Venmo, to create "payments with cryptocurrency" services for 26 million merchants worldwide.

In 2021, we will expand our activities to the UK market, providing crypto trading services to UK clients, where they can trade cryptocurrencies such as BTC, ETH, LTC and BCH.

Later that same year, Paypal confirmed that it would create its own financial security, called "PayPal Coins". Developer Steve Moser first discovered internal workflow stability in Paypal's iPhone app code. Jose Fernandez da Ponte, Senior Vice President of Digital Currency at PayPal, confirms in an interview:

Google's encryption plans weren't more revealing, but one sentence from the conversation is worth remembering. "A lot of workfree, openOn the web, it always pays to split your entire business. "