A big Disappointment - India is not in the radar of ‘Google Card’

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          In the last quarter of 2019, as per news articles Google was firming up plans to unveil ‘Google Checking Accounts’, in the USA initially in association with Citigroup and Stanford Federal Credit Union.


          As the numbers of Checking Account grow, Google may include other financial institutions to be part of the journey.

          Checking Accounts is a terminology frequently used in the USA for basic commercial banking accounts. In India, the equivalent of Checking Account is Current Account. However, in the USA, individuals too can hold and operate ‘Checking Accounts’, for their day to day financial transactions.

          The word Checking Account can be associated with ‘Cheques’. ‘Cheques’ were the primary mode of transactions initially when modern banking was spreading its wings in the USA. With the spread of financial technology, new transaction modes viz., ATMs, Electronic Credit, Electronic Debit, ACH, etc got associated with Checking Accounts.

          After the initial news of Google’s cobranded ‘Checking Accounts’, the latest news is the unveiling of ‘Google Card’.

A ‘Checking Account’, without an associated card does not make any sense.

A ‘Google Checking Account’, should have a ‘Google Card’ too.

The initial specifications of ‘Google Card’, have just come out. As per the report in TechCrunch, Google is an advanced stage of developing a ‘Google Card’.

The exact details will be known in the next few months.

Quote:

          The company offered us a statement it provided reporters following a November story, wherein Google told The Wall Street Journal’s Peter Rudegeair and Liz Hoffman it was experimenting in the checking account space. TechCrunch is the first to report Google’s debit card plans:

We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months.

          Unquote:

In 2013, Google launched a Wallet debit card as an extension of its old payment app Google Wallet, however, this was shut down in 2016.

Stanford Federal Credit Union is a full-serviced bank with one difference, it is owned by Google employees!!

Co-Branded Debit Cards are available in India, though not popular as Co-Branded Credit Cards.

Way back in 2013, Reserve Bank of India allowed Indian banks to issue debit cards, including co-branded debit cards and rupee denominated co-branded pre-paid cards without seeking prior approval of the RBI.

Hence, disappointed as India is not in the radar of ‘Google Card’.
   



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