Google Pay opens up to cryptocurrency payments?
Google Pay opens up to cryptocurrency payments?
Crypto

Google Pay opens up to cryptocurrency payments?

By Vincenzo Cacioppoli - 20 Jan 2022

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According to leaked rumors from the Bloomberg news agency, the Mountain View internet search giant would have hired former PayPal senior vice president Arnold Goldberg as director of its digital payments division, Google Pay. According to many experts, this move represents another step towards Google’s implementation of cryptocurrency payments.

Google and cryptocurrency payments

 On the subject of digital currencies, the president of Google’s e-commerce section, Bill Ready, explained to Bloomberg that 

“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it”.

What’s more, in October a partnership was announced between Google and Bakkt, the technology platform (listed on the NYSE) that allows consumers, businesses and institutions to unlock the value of digital assets. 

The agreement would be aimed at extending the reach and usability of digital assets within Google Pay to purchase everyday goods and services online, in-store or wherever it is accepted as a form of payment.

On the other hand, in September, the internet search giant had struck a deal with Dapper Labs to support the Flow Blockchain through Google Cloud and help it scale. 

Google doesn’t seem to be as interested in traditional finance as it seemed when the Plex service was launched for opening bank accounts directly on Google’s digital payment app. 

Ready had said in an interview in November:

“We’re not a bank, we don’t intend to be a bank. Some past efforts would sometimes unintentionally seep into those spaces.”

Google cryptocurrency payments
Google says it is attentive to cryptocurrencies

Google pay still lagging behind competitors

The results of Google’s digital payments app are rather disappointing when compared to those of a rival like Apple, for example. In some countries, such as India, it is widely used, but in many other countries the growth of the service launched in 2015 is so far very slow. 

Tom Noyes, an industry analyst, estimated that in 2020 Google accounted for about 4% of contactless payments in the United States, calling the service “largely a failure”.

Thus, as also admitted by Ready, the fact of including cryptocurrency payments in the app could be an attempt to broaden the audience of users of the service

The entry into Google Pay of the manager of PayPal, which since November has enabled payments in cryptocurrencies and that according to the latest rumors would be working to create its own stablecoin, could be a clear sign of the willingness of the leaders of Mountain View to accelerate this process towards payments in cryptocurrencies.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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