Google to Unveil the Google Wallet Debit Card: It’s not the Google payments card that has long been planned, but Google is set to announce today that it is releasing a Google Wallet debit card that allows people to pay at stores that accept Mastercard using their Google Wallet balance. Cardholders will also be able to withdraw cash from their Wallet account using ATMs.
With the card, Google isn’t going for mass adoption; instead, the card is expected to mainly appeal to a subset of Google Wallet users who have had money transferred to them from another Google Wallet user and don’t want to wait a couple of days for the money to appear in their bank account. Once money lands in someone’s Google Wallet account, it will connect with the debit card almost instantly.
To some people, that instant access to money will now make Google Wallet’s peer-to-peer payments service more attractive than Square Cash, which takes one or two days to deposit funds.