Google hires former PayPal executive to reboot payments division

Google has hired former PayPal chief executive Arnold Goldberg to run the payments division and set a new course for the company. Bloomberg reports.

Google’s Chief Commercial Officer Bill Ready outlined how the appointment fits into Google’s broader strategy to knit together a suite of financial services, including cryptocurrencies.

He also announced plans to add additional payment features to Google’s search engine and the shopping service to offer users a full spectrum of financial services.

“We are not a bank, and we have no intention of becoming one. … Our goal is to help build connections; we are not a conflicting party,” Mr Ready said.

According to Bloomberg, Google spent years developing a digital checking and savings service and has struck deals with 11 banking partners to launch.

In October, the company reportedly scrapped the initiative aimed at becoming the linchpin for the consumer-finance industry.

In August 2021, Google allowed the promotion through its advertising services of cryptocurrency-exchange services and digital wallets for users in the United States. The decision to ban was made in June 2018.

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