Google uses PayPal’s Goldberg to process payments
Google has hired former PayPal Holdings Inc. executive Arnold Goldberg to oversee its payments division, which recently disbanded its quest to join the banking community, according to a report from Bloomberg on Wednesday (January 19th).
Goldberg’s addition is part of Alphabet Inc.’s push to get involved in more financial services, including a more active role in cryptocurrency, said Bill Ready, Google’s president of commerce and a former colleague. of Goldberg at PayPal.
Although Google has had success with Google Pay and its mobile wallet, the company has mostly avoided crypto.
In October, Google dropped plans to launch a digital checking and savings service called Plex, instead focusing on the consumer finance industry as a whole rather than a specific partner.
“We are not a bank,” Ready told Bloomberg. “We don’t intend to be a bank. Some past efforts, at times, unwittingly floundered in these spaces.
Google Pay has gained ground in India, but struggled elsewhere, well below the standard set by Apple Pay. Nor does Google have its own credit card or financial products. Google doesn’t charge any fees on transactions with its mobile wallet, and Ready says that’s likely to stay the same.
The company is working on additional payment features in its search and purchase service to show its users “the full range of financial services available”, he said. “Our goal is to help create connections. We are not a disputing party.
Related: Google Pay, Indifi partner to offer loans to MSMEs
Meanwhile, Indian online lender Indifi Technologies is working with Google to offer instant loans to small traders through Google Pay to help micro, small and medium enterprises (MSMEs) access working capital.
Merchants will see Indifi’s loan offers on the Google Pay for Business app, which they can click to complete an application in the all-digital offering. Indifi assesses a series of criteria using its API integrations to make an instant credit decision.