The internet behemoth has hired a PayPal veteran to assist with the growth of Google Pay as it looks to the future, including ambitions to study cryptocurrency. Google has hired a former PayPal executive to help strengthen Google Pay, and the company has ambitions to expand into the cryptocurrency area. Arnold Goldberg has been appointed to lead Google's payments section as part of the company's overall push into financial services, including cryptocurrency.
Bill Ready, Google's VP of business, told Bloomberg: “Crypto is something we pay a lot of attention to […] As user demand and merchant demand evolves, we’ll evolve with it.” Google Pay is a Google-developed online payment system that allows in-app, internet, and contactless payments on mobile devices such as Android phones, tablets, and watches. According to Ready, as part of the revamp, Google will focus more on having a “complete digital wallet” that incorporates digital tickets, airline passes, and vaccination passports.
Following the announcement, the price of Bitcoin (BTC) increased to $42,478 (from a 24-hour low of $41,254) before sliding back to $41,887 at the time of writing, according to Coinmarketcap. Google has been dabbling in the cryptocurrency area for quite some time, working with many crypto businesses until 2021. Ready stated that the business intends to develop other relationships with cryptocurrency startups.
Google Pay announced a new relationship with major crypto exchange Gemini in April 2021. The upgrade enabled Gemini users to purchase Bitcoin using fiat cash on a debit or credit card using Google Pay. In June, Google teamed with Coinbase to allow Coinbase users to pay for products and services using Google Pay using their Coinbase Card. Users might also get crypto refunds of up to 4% for their purchases. In October, a collaboration between the crypto exchange Bakkt and Google allowed Bakkt clients to purchase products and services using selected specified cryptocurrencies via their Google Pay wallet.
Paypal, on the other hand, looks to be one man down while it investigates the establishment of its own stablecoin. Paypal revealed intentions to introduce “PayPal Coin” earlier this month, which developer Steve Moser discovered in the source code of the platform's iPhone app. Google Pay began in 2015, with a 2020 redesign that changed the site into a centre where consumers could check their expenditures and look for discounts.
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