Thanks to some additional information from a TechCrunch analyst, there's more news available about what we should expect from Google's new payment card. If you're interested, click the above link for some images of the card and how it integrates into the Google Pay app.
Following on the heels of the Apple Card released this past August, we can see a number of similarities with Google's card option. Like the Apple Card, the Google Pay Card won't have a number on it. It will have the customer's name and issuing bank. Google will not appear anywhere on the card. Banking functionality will be provided by Citi and Stanford Federal Credit Union. Those financial institutions will be the branding face of the card.
The Google Pay Card will link to a checking account at a bank or credit union. There are three ways to use the card: as a stand-alone card, Google Pay app, and online. The card can be swiped, inserted (since it will have a chip), and contactless payment. Funds can move to/from the associated account using Google Pay. There will also be biometric and PIN features for security. The Google app will have the ability to generate virtual card numbers. These can then be used via a smartphone for making purchases.
It isn't clear what fees may be associated with the Google Pay Card. Apple Pay does charge interchange fees, which are paid by merchants rather than customers. Apple Pay has already taken 5% of global card transactions and is projected to be at 10% by 2024, according to Bernstein Research. Google is late to this game, but it is a huge market, and there's still plenty of time for it to catch up to its rival.
Google has not yet announced a launch date for the card.
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