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Google Pay users are given another avenue to cryptocurrency markets as Crypto.com integrates its payment functionality for purchases.

Global cryptocurrency wallet and exchange platform Crypto.com added Google Pay as a payment option for Android users to buy cryptocurrencies on July 21. Google Pay is estimated to have over 100 million users that could make use of the latest payment gateway to cryptocurrency markets.

Users that have set up their Google Pay accounts to be linked with a credit or debit card will be able to choose the payment option when on the Crypto.com app. The exchange lists over 250 cryptocurrencies accessible to some 50 million users it serves around the world.

Crypto.com has been in the headlines in recent months as the company acquired licenses to operate in a handful of countries in quick succession. Italy was the latest country to give the firm the green light to begin serving customers within its borders, following regulatory approval in Greece, Singapore and Dubai.

The integration of major payment systems into cryptocurrency wallet and exchange platforms has picked up pace over the past two years. Google Pay indicated its intent further explore the cryptocurrency space in January 2022 with the appointment of former PayPal executive Arnold Goldberg to head up their payments division.

This came after an eventful 2021 for Google Pay and the cryptocurrency space, which saw integration with Gemini in April to offer the same functionality Crypto.com has now introduced. A partnership with Coinbase in June 2021 allowed users to pay for goods and services through Google Pay using their Coinbase Card.

Google Pay also joined forces with Bakkt in October 2021, while Nexo also announced Google Pay integration with the launch of its cryptocurrency-backed Mastercard cards in April 2022.

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Arnold Goldberg

The tech giant has hired a PayPal veteran to help with the expansion of Google Pay as it sets its sights on the future, including plans to explore crypto.

Google has hired a former PayPal executive to help bolster Google Pay, with plans to expand into the crypto space.

Arnold Goldberg has been given the task of running Google’s payments division as part of a company-wide push into financial services, including crypto.

Google’s president of commerce Bill Ready told Bloomberg that:

“Crypto is something we pay a lot of attention to [...] As user demand and merchant demand evolves, we’ll evolve with it.”

Google Pay is an online payment system developed by Google to allow in-app, online and contactless purchases on mobile devices including Android phones, tablets and watches.

As part of the overhaul, Google will focus more on being a “comprehensive digital wallet” that includes digital tickets, airline passes and vaccine passports, Ready said.

Following the news, the price of Bitcoin (BTC) spiked to a high of $42,478 (from a 24-hour low of $41,254) before falling back down to $41,887 at the time of writing according to Coinmarketcap.

Google has been dipping its toes in the crypto space for quite some time, partnering with several crypto companies through 2021. Ready said that the company plans to pursue more partnerships with more crypto companies.

In April 2021, Google Pay announced a new partnership with global crypto exchange Gemini. The update allowed Gemini users to purchase Bitcoin through Google Pay using fiat currency on a debit or credit card.

The tech giant also partnered with Coinbase in June, allowing customers of the exchange to pay for goods and services through Google Pay using their Coinbase Card. Users also were able to gain crypto rebates of up to 4% for their shopping.

In Oct, a partnership between crypto exchange Bakkt and Google allowed customers of the exchange to purchase goods and services using some select cryptocurrencies through their Google Pay wallet.

As for Paypal, it appears that the fintech company will be one man down as it explores the creation of its own stablecoin. Earlier this month, Paypal confirmed plans to launch “PayPal Coin,” which developer Steve Moser first found in the source code of the platform’s iPhone app.

This comes only three months after the tech giant axed its plans for a service called “Plex” that would allow users to create checking and savings accounts.

“We’re not a bank -- we have no intention of being a bank,” Ready said about the decision to cut Plex. “Some past efforts, at times, would unwittingly wade into those spaces.”

Google Pay debuted in 2015, with a revamp in 2020 which transformed the platform into a hub where customers could track their expenses and hunt for discounts.

Bakkt crypto exchange partners with Google for payments

October 11, 2021 Coin Telegraph

Bakkt

Millions of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at a variety of stores and online markets.

Users who hold debit cards issued by cryptocurrency exchange Bakkt will be able to convert their crypto balances to make fiat payments using Google Pay.

In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”

“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” said Bakkt CEO Gavin Michael.

According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership follows major crypto exchange Coinbase's June announcement that Apple Pay and Google Pay would offer support for its Coinbase Card. Gemini has allowed its users to purchase crypto with Apple Pay and Google Pay since April.

Launched by the Intercontinental Exchange in 2018, Bakkt first offered BTC futures contracts exclusively to accredited investors. In March, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”

Google Pay