Google is preparing for a live broadcast of the video announcement that will take place tomorrow morning. Images of a Google co-branded debit card were leaked in April along with mockups of money management tools in the Google Pay app, much like the Apple Card does for iPhone users in the Wallet app on iOS.
The video premieres this Wednesday morning at 9:27 a.m. (PST) on Google’s YouTube channel (included below). The video is currently pending live streaming as of that point and the description of the video reads:
We invite you to watch live and learn more about the new Google Pay application, designed to help you improve your relationship with money. It will arrive on Android and iOS, starting in the US.
The description of this video aligns with the leaked images from April. Google should be ready to launch its own government-backed banking system that also provides users with visual spending tools and easy ways to manage spending. There are no further details on the exact features of such a debit card or rewards programs yet, but Google should announce all of that in the morning.
Previously Leaked ‘Google Card’ Images
With the launch of the Apple Card, Google believes it can fill a void left by Apple: a virtual bank account. The Apple Card is ultimately a credit card and does not use routing numbers to receive checks or ACH payments, and the advantage that Google has is that opening a bank account will not depend on the user’s credit history and could serve both Android and iOS users.
Google has already had a debit card in the past. The Google Wallet card was a debit MasterCard account that drew funds directly from a Google Wallet balance or from a saved payment method. Back then, the idea for the Google Wallet card most closely rivaled the PayPal debit card, but was eventually discontinued after a few years.
Given Google’s resources, data and infrastructure, we have no doubt that it can achieve the launch of a kind of ‘Bank of Google’. But Google is also known for launching convenient services and then pulling the rug when it doesn’t go as expected.
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