Google prepares for a foray into crypto, plans to expand payment division

Google is planning to enter into the cryptocurrency space as the firm has hired a former PayPal executive to lead its payment division. The multinational technology company is laying out a broader strategy to team up with a wider range of financial services including digital assets.

Google extends reach into crypto

Google has hired former PayPal executive Arnold Goldberg to head its payment division in a move to enable its users’ access to a wider range of financial services, including cryptocurrencies. 

Google has spent years planning a digital checking and savings service and had 11 banking partners gearing up to the launch. However, in October, the firm put the proposal aside. Bill Ready, Google’s president of commerce stated that the company has no intention of being a bank, but rather to become the connective tissue for the entire consumer finance industry. 

Up to this point, Google Pay has struggled to gain traction around the world, except in India. The service trails behind Apple’s payment platform and has not created other financial products the way Apple has.

Peeyush Ranjan, a veteran engineer, leading the expansion of Google Pay in India has been promoted by Ready as general manager for consumer payments services.

Currently, Google takes zero fees on transactions with its mobile wallet and Ready explained that there are no plans to change that. Ready added that the firm is working to add more payment features within its search and shopping services, showing users that there is an “entire array of financial services out there.”

Ready further emphasized that cryptocurrencies is an area that the firm has paid a lot of attention to, and as user demand and merchant demand evolve, the company is looking to “evolve with it.”

Google has partnered with Coinbase and BitPay to allow users to store cryptocurrencies in digital cards, while customers pay in fiat. Ready added that the company is looking for more partnerships in the crypto arena despite the firm’s inertia in accepting the new asset class for transactions.