WHEN WILL GOOGLE SUPPORT CRYPTOCURRENCY PAYMENTS?
Google has not announced any official release date for its cryptocurrency payment support, but it seems that efforts are ramping up for this feature.
According to Bloomberg, the company accelerated its plan to launch crypto payments by hiring former PayPal executive Arnold Goldberg, who will help the company expand its financial payment services.
This would likely come through expanding the Google wallet features available through Google Pay. Currently supporting vaccine passes and digital tickets, it could soon add cryptocurrency payments. Of course, this is no guarantee that Google will leap into the cryptocurrency space. However, based on other recent partnerships, it appears that the corporation is slowly dipping its toe into the crypto waters.
Google has already ventured into the crypto market by forming corporate partnerships with cryptocurrency exchange Coinbase and Bitpay. In partnership with cryptocurrency exchange Coinbase, Google intends to offer users a service to buy cryptocurrencies by spending fiat currency through debit or credit cards.
Similarly, its partnership with Bitpay is also intended to explore cryptocurrency dominance by allowing exchange users to pay for goods via Google Pay using fiat currency.
According to the report, Google is exploring cryptocurrencies as the company’s payments division has been struggling to gain a sizeable market share in the payments industry. In addition, it is trying to address the same thing by adding asset custody capabilities on digital cards.