Is Google Getting Into the Credit Card Business?
Google (NASDAQ:GOOG) will be joining the ranks of tech companies that offer credit services. After running a successful pilot program in the United States, Google will be extending AdWords Business Credit invitations to companies in the United Kingdom, and extending services in the U.S. to more businesses.
Google is teaming up with Barclays’ (NYSE:BCS) Barclaycard in the U.K. and Comenity Capital Bank in the U.S. to issue MasterCard (NYSE:MA) credit cards to be used exclusively for AdWords purchases. Google treasurer and vice president Brent Callinicos said in an AdWords blog post: “We hope AdWords Business Credit will give Small and Medium Sized Businesses more flexibility – some ‘extra credit’ – so they’re able to focus on growing their businesses even further.”
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Amazon.com (NASDAQ:AMZN) has offered a store card and financing services for a while. In the same vein as Google, “Amazon is always looking for ways to help our sellers grow,” according to a letter the e-commerce giant sent to sellers, and will start lending directly to sellers through its capital arm.
Issuing credit to customers could help keep AdWords ahead of the curve as Facebook (NASDAQ:FB) gets serious about its advertising network. Google will offer another round of invitations for the credit card in the U.S. later this month.
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