Google has hired former PayPal Holdings Inc. executive Arnold Goldberg to oversee its payments division, which recently dissolved its quest to join the banking community, according to a Bloomberg report Wednesday (Jan. 19).
Goldberg’s addition is part of the Alphabet Inc. firm’s push to be involved with 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 steered clear of crypto for the most part.
In October, Google scrapped its plan to launch a digital checking and savings service called Plex, focusing instead of the consumer finance industry as a whole rather than targeting specific partner.
“We’re not a bank,” Ready told Bloomberg. “We have no intention of being a bank. Some past efforts, at times, would unwittingly wade into those spaces.”
Google Pay has gained some traction in India, but struggled elsewhere, falling well short of the standard set by Apple Pay. Google also doesn’t have its own credit card or financial products. Google charges no 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 within its search and shopping service to show its users “the entire array of financial services out there,” he said. “Our aim is to help create connections. We’re not a conflicted party.”
Related: Google Pay, Indifi Partner to Offer MSME Loans
Meanwhile, Indian online lender Indifi Technologies is working with Google to offer instant loans to small merchants through Google Pay to help micro, small and medium enterprises (MSMEs) gain access to working capital.
Merchants will see loan offers from Indifi on the Google Pay for Business app, which they can click to complete an application in the all-digital offering. Indifi evaluates a series of criteria using its API integrations to make an instant credit decision.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More