Google’s next-generation finance platform is going to be a ‘digital coin’, says Eric Schmidt
Google is looking to launch a new product to replace its online payments business, Google Finance.
The announcement comes after its chief executive Eric Schmidt said the company was “going to go for it”.
In a keynote speech at the World Economic Forum in Davos, Switzerland, Schmidt said Google was “really focused on the digital coin”.
He said the “next generation” product will be a “digital coin”, not a payment system, and Google would invest heavily in creating a new financial platform that could be used across many different services.
“I’m excited about the future of Google Finance because it’s a digital coin, and a lot of people are,” Schmidt said.
“We’re going to create a new kind of financial system.
Schmidt said it was “important to be able to use our digital currency in many different ways”. “
The idea of a digital currency is really exciting, but it’s not a real currency.”
Schmidt said it was “important to be able to use our digital currency in many different ways”.
Google Finance, a project which will include a new “digital-to-real” currency, was announced in April.
The project will focus on payments and remittances, but will also be able “to integrate with the Google Wallet and Google Docs” systems, according to the presentation.
“In the future we’ll be looking at the creation of new payments platforms, and of remittance systems for example,” Schmidt added.
Schmidt said he had been “working on it for quite some time”, but that it had been a “very exciting time” for him and his team.
“It’s very exciting to be working on it,” he said.
The Google CEO also confirmed that Google was working on a “new platform” for payments and a new currency, but did not give further details.
Schmidt also confirmed rumours that Google will soon launch a mobile-first version of its services, as part of its plans to build a mobile network.
“Our plan is to get mobile to be the standard for payments,” he added.
“Mobile is going through a really exciting period, it’s going to get really big.”
Schmidt has previously said that Google Finance will be “the digital currency of tomorrow”.
The next generation Google Finance project will use the Google Cloud Platform and “new cloud technologies to help us build a real-time financial platform”, he said in April, according