The card, which is only available in the US, allows consumers to withdraw money from ATMs and purchase goods in stores.
It uses the funds stored inside a users Google Wallet account, basically turning the mobile wallet and online payment service into a standardised one.
|Google Wallet Card - e-moneyman.co.uk|
Essentially meaning Google has the capacity to hold users money and effectively bank the unbanked.
The new Wallet card will be accepted at millions of location that take MasterCard. The card is also free to have and users won't be charged monthly or annual fees for owning one.
Interestingly, plans for a Google credit card were scrapped when the then head of Google Wallet and payments group, Osama Bedier, left the company. So, this happens to be the next best thing.
Naturally, this means that Google may well venture back into that space if their prepaid card goes down well.
You can add money to your Wallet card by either transferring from a bank, or by having money sent to it from another person which can be done via email too.
As Google bread and butter is the information it has about its users, the Wallet card will track a description of goods purchased, amount of transaction and the name and address of the seller. This will be used to help target ads at you via the AdSense tech they own.
With integration with Wallet, Android, Chrome and the ever-growing likes of Google +, perhaps Google really could be an unexpected powerhouse in the payments game further down the line.
Source: Total Payments