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Google has hired a former paypal executive to help boost google pay, with plans to expand into the crypto space.
Arnold goldberg was tasked with managing Google's payments division as part of a company across financial services, including cryptography.
Google’s president of commerce Bill Ready told Bloomberg that:
“Crypto is something we pay a lot of attention to [...] As user and merchant demand changes, we will change accordingly."
Google pay is an online payment system developed by google to enable in-app, online and contactless shopping on mobile devices, including Android phones, tablets and watches.
As part of the overhaul, Google will focus more on being a "complete digital wallet" that includes digital tickets, plane cards and vaccine passports, said.
Up to date, the price of bitcoin (btc) spiked to a high of $42,478 (from a 24-hour low of $41,254) before falling back down to $41,887 at the time of writing according to coinmarketcap.
Google has been dipping its toes in the crypto space for quite some time, partnering with several crypto companies throughout 2021. Loan states that the company plans to pursue more partnerships with more crypto companies.
In April 2021, Google Pay announced a new partnership with global crypto exchange Gemini. The update allowed Gemini users to purchase Bitcoin via Google Pay using cash on a debit or credit card.
The tech giant also partnered with COINBASE in June, allowing customers of the exchange to pay for goods and services through Google Pay using their Coinbase Card. Users were also able to earn crypto discounts of up to 4% on their purchases.
In Oct, a partnership between crypto exchange Bakkt and Google allowed customers of the exchange to purchase goods and services using some select cryptocurrencies through their Google Pay wallet.
As for Paypal, it appears that the fintech company will be one man down as it explores the creation of its own stablecoin. Earlier this month, paypal confirmed plans to launch "paypal coin," which developer steve moser first found in the source code for the platform's iphone application.
Related: Bakkt crypto exchange partners with Google for payments
This happens just three months after the technology giant terminated its plans for a service called "Plex" that would allow users to create control and savings accounts.
"We're not a bank -- we're not going to be a bank," they say of the decision to cut plexes. "some past efforts, at times, would unwittingly wade into these spaces."
Google pay started in 2015, with a redesign in 2020 which transformed the platform into a hub where customers could track their spending and the hunt for discounts.
