Google Hires PayPal Vet to Reset Strategy After Its Banking Retreat

Alphabet Inc.’s Google has hired former PayPal Holdings Inc. executive Arnold Goldberg to run its payments division and set a new course for the business after it scrapped a push into banking. The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies, said Bill Ready, Google’s president of commerce.

Goldberg’s hire is part of a broader strategy for the company to incorporate a wider range of financial services, including cryptocurrencies, Google’s president of commerce, Bill Ready, told Bloomberg. Google has historically avoided offering crypto as part of its financial services.

“Crypto is something we pay a lot of attention to,” Ready told Bloomberg. “As user demand and merchant demand evolves, we’ll evolve with it.” Google declined to provide additional detail to CoinDesk about its crypto plans.

Arnold previously served as the chief product architect and general manager at PayPal, where he led the company’s core checkout and merchant services businesses.

Late last year crypto platform Bakkt said its virtual Visa debit card would be available for use on Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out support for Apple Pay and Google Pay for its Coinbase Cards earlier this year.

Google is also working with Bitpay and Gemini to support their crypto cards, meaning that people who use these cards can add them to Google Pay, but the transaction is in fiat currencies, according to a Google spokesperson.

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.” 

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