Google Pay Hires PayPal Exec To Push Cryptocurrency Payments

Google has hired a former PayPal executive to help bolster Google Pay and plans to expand into cryptocurrencies.

Arnold Goldberg has been tapped to run Google's payments unit as part of the company's sweeping foray into financial services, including cryptocurrencies.

Bill Ready, Google's president of commerce, told Bloomberg:

“Cryptocurrency is something we’re very focused on […] As user needs evolve and merchant needs evolve, so will we evolve.”

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

As part of the overhaul, Ready said, Google will focus more on becoming a "comprehensive digital wallet," including digital airline tickets, air passes and vaccine passports.

Following the news, the price of Bitcoin (BTC) surged from a 24-hour low of $41,254 to $42,478 before falling back to $41,887.

Google has been dabbling in encryption for some time, working with several crypto companies so far in 2021. Ready said the company plans to do more collaborations with more cryptocurrency companies.

In April 2021, Google Pay announced a new partnership with global cryptocurrency exchange Gemini. The update allows Gemini users to purchase bitcoin with fiat currency via debit or credit cards via Google Pay.

The tech giant also partnered with Coinbase in June, allowing the exchange's customers to use their Coinbase cards to purchase goods and services through Google Pay. Users are also able to earn up to 4% back in cryptocurrency on their purchases.

In October, a partnership between cryptocurrency exchange Bakkt and Google allowed the exchange’s customers to use some specific cryptocurrencies to purchase goods and services through their Google Pay wallets.

As for Paypal, it seems like the fintech company will have one less person on hand as it explores creating its own stablecoin. Earlier this month, Paypal confirmed plans to launch a "PayPal Coin," which developer Steve Moser first spotted in the source code of the platform's iPhone app.

Just three months ago, the tech giant canceled plans for a service called "Plex" that would allow users to create checking and savings accounts.

"We are not a bank and we have no intention of becoming one," Ready said of the decision to kill Plex. "Some of the past efforts, sometimes unwittingly waded into these spaces."

Google Pay debuted in 2015 and received a revamp in 2020, turning the platform into a hub where users can track their spending and find discounts.