The revolving door to the office of the head of Google Pay welcomes another new executive with Google’s appointment of former PayPal executive Arnold Goldberg. According to Finextra:

Google’s President of Commerce, Bill Ready, says Arnold’s recruitment is part of a broader strategy to take a more differentiated approach to financial services and the payments industry, including cryptocurrencies. According to Ready, Google wants to become the connective tissue of the entire consumer finance industry, not just certain partners.”

In an interview with Bloomberg, Ready said:

“We are not a bank. We have no intention of being a bank. Some previous efforts have sometimes unknowingly invaded these spaces.”

Goldberg has a lot to do. Android Police commented:

“Despite the relaunch in the US with a new app last year, Google is struggling to gain a foothold in the market. Google is poised to turn Pay into an all-encompassing digital wallet that holds more than just your credit cards. Anything related to currency exchange, Google wants to be there.”

Why is Google having a payment problem?

It might be good to start by identifying the things that are not that cause or did not cause Google’s payment problems. It’s no shortage of talented staff and leaders, and it’s no shortage of solid, cutting-edge technology.

Google Payments’ problem boils down to two things: 1) no strategy and 2) no organizational alignment.

Ready’s comment that Google has no intention of becoming a bank shouldn’t come as a surprise. Despite his remark that the company “unknowingly” invaded the space at times, there was a single initiative from Google that gave even the slightest hint that they wanted to become a bank.