As the world has become increasingly digital, many companies have been exploring ways to leverage their brands. Whether through Google Credit or its partner banks, the companies are using their brand recognition and trusted reputation to help users make payments. The new services could become a cornerstone of everyday app ecosystems. As in China, where Alipay and WeChat are successful, these services could help people access a world of opportunities through their mobile devices.
The technology behind Google’s new credit service was created after the company consulted several financial firms. Several companies offered similar services before Google launched its own credit card. Venmo and Chase Pay are examples of peer-to-peer payment services, while other financial services include Rakuten and Honey, which offer deals. The financial services of the traditional banking system include the investment broker and analysis of spending and investments. Google’s idea was to combine all these services into a single app that people could access from any device.