So Google is working on smart checking accounts.
[MUSIC].
To copy confirmed the news in a statement.
Here's that statement in full.
Quote, we're exploring how we can partner with banks and credit unions in the US to offer smart checking accounts.
Through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA ensured account.
Our lead partners today are Citi and Stanford Federal Credit Union.
And we look forward to sharing more details in the coming months, end quote, the latest news of a Google banking product was broken by TechCrunch.
The site found images that showed that Google was working on a physical and virtual debit card.
Google did not comment on a physical card.
But it makes logical sense that card should be attached to Google's smart checking account.
Also, let's keep in mind that this would be a debit card, not a credit card.
So let's talk about the images TechCrunch found.
There's a white card with your name a circular logo with blue and green dots.
There's also branding for the partner bank.
It looks like these are mock ups, the dot logo would likely be the bank's logo.
I think there's a chip like modern cards.
TechCrunch says it's a chip on the visa network.
That seems to be confirmed in one of the images showing the visa logo on a card.
The images also show a payment control section there, you would be able to turn off contactless card payments.
If you want.
That's also the section, you can lock a physical card or order a new one.
If you think your card number was compromised, you have the ability to reset the card number right in the app.
The images also showed how purchases would look in the app, you'd see the vendor what you paid the time and the date of the transaction.
Plus a map showing where the purchase was made.
It looks pretty similar to the current Google pay up.
The light one is from TechCrunch.
The dark mode version is the Google pay app you can use right now.
How is this different than Google pay right now?
I'm glad I asked.
Google pay is a digital wallet you can put in your existing credit and debit cards.
Rewards cards and more.
Once that stuff is in Google pay, you can use your phone to pay for items in the real world.
The vendor receives an encrypted number instead of your actual credit card info.
You can also use Google pay online.
Now you can't get an account directly through Google.
I'm not counting Google Play balances, whatever.
That's a big part of what makes this different TechCrunch did not have any images of the checking account section.
Since Google called it a smart checking account.
I'd imagine working at something kind of similar to mint or the apple card transactions would likely be broken up into different groups.
So you can see where you're spending your money.
Google said it would provide insights and budgeting tools.
So maybe it can offer ideas on how you.
Can save more money.
I've got a couple of questions for the Google smart checking account.
is Google just acting like a dashboard for its partner banks?
Or is Google building its own accounts with those banks?
Also, how will it integrate into Google pay?
And are we looking at a rebranding?
Let's go back to Apple.
Yes, everything revolves around that company now and forever.
It has several similar products.
There's Apple Pay, that is what you use to buy stuff.
It's a mobile payment service.
Apple Pay, yeah.
Google has Google Pay for that.
Apple wallet can store loyalty cards, credit cards, debit cards, boarding passes, etc.
So wallet is where your stuff goes, logical.
Google has Google Pay for that.
Want to manage your Apple Card?
Go to your Apple Wallet, because that's where your cards live.
That's pretty clever.
Where would you manage a bank account connected to Google?
The company said they will offer account through Google Pay.
However, Google pay seems to be an ill fitting name for handling a checking account.
It's your money and your money should be in your wallet.
Right?
So how about a Google Wallet?
That sounds like a great idea.
What hang on to your hats kids.
This is gonna be quite They're right Google Wallet was introduced in 2011, and it let people tap their phones to pay for stuff it launched on the Samsung Nexus S.
Yes, that was around nine years ago, Google Wallet launched with Citibank, MasterCard, and sprint.
As the initial partners, the Google VP of payments said in the future, our goal is to make it possible to add all of your payment cards to Google Wallet.
So you can say goodbye to even the biggest traditional wallets.
By the way.
This was back when there was another digital wallet initiative formed by AT&T, Verizon, and T Mobile, had Visa, MasterCard, discover and Amex all on board.
What was the name of this other wallet?
ISIS Wait, you say ISIS or how did ISIS suddenly get the mix is what I'm asking
Now we are in 2013, Google decides to offer a physical debit card for Google Wallet.
Sound familiar?
You had to verify your bank account with wallet.
This card was backed by MasterCard, and it worked like a traditional debit card in 2014 That Isis digital wallet got rebranded to soft card because, you know.
Back to Google, in 2015, Google bought up Softcard Tech and introduced Android Pay.
So by this point, we've got a wallet and Android Pay, so far, so good.
2016 rolls around Google announces that wallet card support is ending by the end of June.
To make this more fun if you set up Android Pay with a wallet card, you needed to connect another card to Android Pay because wallet card was being killed off.
Off.
Simple.
Fast forward to 2018.
Android Pay becomes Google Pay.
The wallet app was rebranded as Google Pay Send at some point in 2018,Google Pay Send wound up in Google Pay.
And that kids is how I met Google Pay.
Worry.
Yeah.
If Google wants to make sure people understand its new checking account service with a physical card It better do a great job explaining stuff at the product's launch.
And it better have a name that makes sense.
What names would make sense when you spend it, you can wave goodbye to your money, maybe Google Wave.
You know that feeling you get when you add money to your account.
It's exciting.
It's kind of like a Google bus.
If Google helps you save money.
Maybe Froogle?
No, maybe something as straightforward as Google Banking would be added within Google Pay.
But I really think it should be outside of Google Pay.
Then there are the ever-present privacy concerns.
There is an image of a privacy section within the app that apparently lets you decide what information you share.
I'm sure that will get dissected when Google launches its smart checking accounts.
There is one more super important thing we need to know about a potential physical Google card would have standing issues with denim and leather Like the apple card, a Google rep told me right now, we can't say anything beyond the comment.
That is very big is a card.
I'll see you online.
