Google Pay Cards to Store Cryptocurrencies: Report
The latest feature will allow cryptocurrencies to get converted into fiat currencies whenever payments are made. This isn’t based on the usual peer-to-peer transactions but enables users to spend on their bitcoin holdings with govt-backed currencies.
The software company has also hired former PayPal executive Arnold Goldberg for running Google’s payments division as part of the company's wider push into crypto services.
“Crypto is something we pay a lot of attention to,” said Bill Ready, Google’s president of commerce. “As user demand and merchant demand evolves, we’ll evolve with it.”
Google has been dipping its toes in the crypto space for quite some time, partnering with several crypto companies last year. In April 2021, Google Pay announced a new partnership with Gemini where customers of the crypto exchange could purchase Bitcoin through Google Pay using fiat currency on a debit or credit card.
In October, Google and Bakkt collaborated to enable nearly 10 million Bakkt users to link their virtual Visa debit cards with Google Pay wallet and purchase goods and services online, using cryptocurrencies.
The tech giant also partnered with Coinbase in June, allowing customers of the exchange to pay for goods and services through Google Pay using their Coinbase Card. Users were also able to gain crypto rebates of up to 4% for their shopping.