According to Bloomberg, Google will include Bitcoin in its payment options. In terms of internet services, the corporation is attempting to outperform its competitors. As a result, it has been attempting to boost its game by hiring Bill Ready as President of Commerce and recently appointed former PayPal CEO Arnold Goldberg as Payment Division Chief while consolidating alliances to achieve that purpose.
The IT behemoth has collaborated with Coinbase Global and BitPay to provide a function that will allow users to store Bitcoin and other cryptocurrencies. As a result, users will be able to utilize their crypto assets to pay for products just like they would with fiat money.
According to the story, Google has fallen short of its goals for its Google Pay feature. Except for India, the payment service has failed to “get traction” and has been “struggling” in other regions of the world. As a result, they need to expand the features of their shopping service.
According to Ready, this program will enable people to access “the whole array of financial services available.” Integration with Bitcoin and other cryptocurrencies appears to be a reasonable next step, given their growing popularity and global accessibility. Ready stated:
We’re not a bank — we have no intention of being a bank. Some past efforts, at times, would unwittingly wade into those spaces. Our aim is to help create connections. We’re not a conflicted party.
According to Bloomberg, Ready and Goldberg both worked for PayPal before the former joined Google to oversee their payments operation. Now, Ready has hired Goldberg as the vice president and general manager of Next Billion Users, a new Google project.
According to the report’s data, Google’s wallet, which will be connected with Bitcoin and other cryptocurrencies, has roughly 150 million monthly active users globally. However, Apple’s payment option has hampered Google’s objectives “even on devices that run its Android operating system.”
Furthermore, according to Bloomberg, other companies’ payment methods have contributed to Google’s payment feature being “mostly a flop.” According to expert Tom Noyes, Google’s payment mechanism accounts for barely 4% of all non-cash or contactless payments in the United States.
As a result, the internet behemoth will concentrate its efforts on making their wallet more “complete,” according to Bloomberg. In addition to Bitcoin and cryptocurrency, the wallet will allow users to purchase digital tickers, airline tickets, and a vaccine passport for COVID-19.
Google’s President of Commerce stated the following on Bitcoin and the cryptocurrency market:
Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.
It remains to be seen whether Apple or any of Google’s competitors would respond similarly to Google’s crypto endeavor. A Bitcoin integration with Apple Pay and Google Pay will provide millions of consumers with access to cryptocurrency payment capabilities.