Google plans to offer checking accounts, becoming latest tech giant to enter consumer banking

Google plans to offer checking accounts, becoming latest tech giant to enter consumer banking

Google will become the next tech giant to take a stab at consumer banking, a new report says.

The company plans to offer checking accounts starting next year in partnership with established banks through a new project dubbed “Cache,” The Wall Street Journal reported Wednesday.

Citigroup and a Stanford University credit union will run accounts that customers will access through Google Pay, the company’s digital wallet product, the report says.

“Our approach is going to be to partner deeply with banks and the financial system,” Caesar Sengupta, a Google vice president who oversees the company’s payment initiatives, told the Journal. “It may be the slightly longer path, but it’s more sustainable.”

The checking account initiative will reportedly emphasize the banks’ brands, though Google may offer services such as loyalty programs to complement the accounts.

That stands in contrast to the Apple Card, the credit card the iPhone maker launched this summer. The card features Apple’s logo and the company boasts that it was “created by Apple, not a bank” — even though it’s backed by Goldman Sachs.

Google is Silicon Valley’s latest entrant into consumer banking. The digital payment services Venmo and Cash App have launched their own debit cards, and Facebook announced plans in July to roll out a digital wallet for its Libra cryptocurrency.

Google did not immediately respond to a request for comment.


Source : Noah Manskar Link

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