Google is reportedly working on a smart debit card as it aims to catch Apple in the battle to own your banking habits

• Google is working on physical and virtual debit cards as it looks to catch Apple's lead in the fintech space, a new report claims.
• The card will reportedly be co-branded with various bank partners and would link to an app that offers details of the users' transactions.
• Google already has a payment platform in Google Pay, but a card would make it easier for users to make purchases physically, using the app, or online.
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Google is reportedly working on a smart debit card as it looks to make a splash in the fintech space – and catch Apple's lead.

TechCrunch reports that Google is working on physical and virtual debit cards which would link to an associated checking account.

The cards will be co-branded with different bank partners, depending on the users' checking account, with CITI and Stanford Federal Credit Union mentioned in the report.

As of right now, the company's Google Pay platform offers online and peer-to-peer transactions, as well as tap-to-pay using an associated bank card, but Google doesn't actually have a card of its own – something Apple started offering last year with the Apple credit card, which is backed by Goldman Sachs.

Similarly, Google's card would connect to an app and allow the user to purchase things either using the card, their phone, or online. Like the Apple app, Google's will give the user an easy way to see activity on their account.

Not everything is known about this card, but TechCrunch obtained images of what appears to be a chip card on the Visa network. The report says users would be able to add and remove funds from their linked account, presumably using the Google Pay app.

If any of this happens, Google will essentially be leaning on banks to provide the infrastructure while taking some of the friction out of the overall banking experience.

But this would also give Google the opportunity to charge interchange and other various fees, opening up new, potentially highly lucrative new revenue streams for the company.

Last year, The Wall Street Journal reported that Google was eyeing banking as its next major conquest. With regards to the latest report, Google gave TechCrunch the same response it gave the Journal last year: "We're exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months."

A spokesperson had not responded to Business Insider's request for comment at the time of publishing.

There's no guarantee the Google card will actually launch, but if it does, privacy will naturally be a big area of concern here. Google Pay already links users' payment information to their Google Account when they add cards. A Google card would presumably do the same, and could allow the company to improve ad targeting using people's transaction information.

That means Google might struggle more than Apple to sell the idea of a banking card to its users.