Google Inc. Collaborates With Arnold Goldberg To Boost Google Pay To The Crypto Space

Google Pay is trying to be more active in the crypto space. (photo: doc. unsplash)

JAKARTA – Google has hired former PayPal executive Arnold Goldberg to help improve Google Pay, with plans to expand into the crypto space. Goldberg has been tasked with running Google's payments division as part of a company-wide push into financial services, including crypto.

“Crypto is something that we care deeply about […] As user and merchant demand grows, we will evolve with it,” said Google commerce president Bill Ready, as quoted by Bloomberg:

Google Pay is an online payment system developed by Google to enable in-app, online, and contactless purchases on mobile devices including Android phones, tablets, and watches.

According to Ready, as part of the overhaul, Google will focus more on becoming a “comprehensive digital wallet” that includes digital tickets, airline tickets, and vaccine passports.

Google itself has been in the crypto space for some time, partnering with several crypto companies through 2021. Ready said that the company plans to pursue more partnerships with more crypto companies.

In April 2021, Google Pay announced a new partnership with the global crypto exchange Gemini. The update allows Gemini users to buy Bitcoin via Google Pay using fiat currency on a debit or credit card.

The tech giant also partnered with Coinbase last June, allowing exchange customers to pay for goods and services via Google Pay using their Coinbase Card. Users can also get crypto discounts of up to 4% on their shopping.

Last October, a partnership between the crypto exchange Bakkt and Google allowed exchange customers to purchase goods and services using certain cryptocurrencies through their Google Pay wallet.

As for Paypal, it looks like this fintech company will be alone when it comes to exploring the creation of its own stablecoin. Earlier this month, Paypal confirmed plans to launch “PayPal Coin,” which developer Steve Moser first discovered in the source code of the app on the iPhone platform.

This comes just three months after the tech giant scrapped its plans for a service called "Plex" that lets users create checking and savings accounts.

"We're not a bank - we don't intend to be a bank," Ready said of the decision to cut Plex. “Some past attempts, at times, will unwittingly enter those spaces.”

Google Pay debuted in 2015, with changes in 2020 turning the platform into a hub where customers can track their spending and search for discounts.