Google is reportedly working on a major new Google Pay feature for Android devices that will allow users to trade Bitcoin and other cryptocurrencies.
It is already possible to buy, sell, or trade Bitcoin using an Android device or iPhone and you don’t need to use Google Pay or Apple Pay in order to do so. You only need to join an exchange market like Coinbase and install its app on your device to trade cryptocurrencies.
However, there’s no doubt that incorporating native support for Bitcoin and other digital currencies in Android would make things a lot easier. In a world where cryptocurrencies are becoming more and more common, companies are creating entirely new solutions for consumers. The rise of NFTs is just one example.
A decentralized internet will require support for a variety of blockchains, most likely far beyond Bitcoin. Thus creating platforms to facilitate crypto payments might be vital for the future of the internet. That is why, if Google Play supports crypto payments, it could play a critical role.
Will Google Pay ever support Bitcoin trading and crypto payments?
Right now we don’t know the details but After dropping a plan to enter the banking business, Google confirmed to Bloomberg that it is taking a different path for Google Pay. To head Google’s payments business, the company hired PayPal veteran Arnold Goldberg. PayPal also supports Bitcoin trading and various other cryptocurrencies.
It’s difficult to predict if you’ll ever be able to store Bitcoin in your Google Pay wallet. According to Google’s president of commerce Bill Ready, Google Pay will soon provide a wider selection of financial services.
As for the Bitcoin element of Google Pay, Ready said that Google wants more partnerships in the crypto space:
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”
Users can already add debit cards from Coinbase and Bitpay to Google Pay through existing partnerships with these firms. Users can spend Bitcoin and other cryptocurrencies by converting them into conventional fiat money through these cards. Google Pay only supports fiat payments. However, Google Pay does not yet support cryptocurrency transactions.