Google and crypto exchanges unite to accept digital asset cards. According to a press release, Google Pay, the company’s payments division. Has reached out to a number of cryptocurrency exchanges and other organizations. To see how they can collaborate on strengthening the platform’s payment capabilities.
In a recent study, it was revealed that a consortium of firms led by cryptocurrency exchange. Coinbase and payment processor BitPay are working together. To “keep crypto assets in digital cards while still allowing. Customers to pay in traditional currencies.” An story on the subject was published by Bloomberg on the 20th of January, 2013.
Despite the fact that Google has not fully embraced digital assets and has not accepted. Any of them, it has not stopped it from exploring various forms of collaboration. In order to entice more users to use its payments tool, which is now in beta. Here’s what Bill Ready, the leader of Google’s business group. Had to say about it when it was made public this afternoon.
“A lot more information about cryptocurrencies is something. We’re very interested in learning about. And we expect to be able to do so in the not too distant future. We will evolve with them in order to keep up with altering user and merchant demand.”
Big Hire From PayPal
Additionally, Google (GOOG) has hired Arnold Goldberg, a former PayPal executive. To serve as the head of its payments division. As part of its ongoing efforts to expand its payments infrastructure. Goldberg formerly worked for PayPal.
Moreover, it was reported that the employment is part of a “broader endeavor. To engage with an even broader range of financial services, including cryptocurrencies.”
Google has been working on the payments side of the business for several years. Collaborating with a range of banking partners. In addition, the company intends to develop a digital checking. And savings account service. On the other hand, Ready stated.That the company has no plans to become a financial institution of any kind.
As a result of the recent shakeup and shift toward cryptocurrencies.The firm looks to be attempting to reverse its negative trajectory in the payments market. As reported in 2020, Google was only responsible for 4 percent of contactless payments. Made in the United States during that year, according to a research conducted in the same year.
According to Ready, Google Pay does not collect fees for transactions. And will continue to do so in the future as well. He also added that new payment alternatives will be integrated. Into search and the company’s shopping service in order to provide users.With “the full range of financial services that are currently available.”
Targeting Searchers and Shoppers by Google and Crypto Exchange
The search engine giant, which spent $1 billion on a new London property. Just last week, aspires to become a network that connects all payment alternatives. Including cryptocurrency, rather than a standalone payments platform. The decision by several exchanges to accept smart cards loaded. With cryptocurrency as payment is evidence that the world is finally warming up. To the young decentralized financial ecosystem.
According to Ready, the company aims to keep web searchers and buyers on Google. “Thereby encouraging more activity to occur on a free and open web – which. In turn, naturally pays rewards to our whole business.” Because the corporation generates billions in revenue from targeted advertising. It is not required to charge commissions on payments in the same way. That cryptocurrency exchanges do.