Google intends to enter the Bitcoin market after hiring a former PayPal executive to run its payment division. The international technology corporation is developing a broader plan to collaborate with a broader range of financial services, including digital assets.
Google has appointed former PayPal executive Arnold Goldberg to lead its payment division in an effort to provide its customers with greater access to financial services, including cryptocurrency.
Google has been planning a digital checking and savings service for years, with 11 financial partners preparing for the launch. However, the corporation placed the proposal on hold in October. Google’s head of commerce, Bill Ready, claimed that the company’s goal is not to become a bank, but rather to become the connecting tissue for the whole consumer finance business.
Except for India, Google Pay has struggled to acquire momentum around the world. The service lags behind Apple’s payment platform and has not developed other financial products in the same way that Apple has.
Ready has elevated Peeyush Ranjan, a seasoned engineer who has led the expansion of Google Pay in India, to general manager for consumer payments services.
Google currently charges no fees for transactions made through its mobile wallet, and Ready stated that there are no plans to change that. Ready went on to say that the company is working on adding more payment features to its search and shopping services, demonstrating to users that there is a entire array of financial services out there.
Ready went on to say that cryptocurrencies are an area that the company has paid close attention to, and that as user and merchant demand evolves, the company hopes to grow with it.
Google has collaborated with Coinbase and BitPay to enable users to keep cryptocurrency in digital cards while paying in fiat.
Despite the firm’s success, Ready stated that the company is looking for more partnerships in the crypto space.