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Google to enter the Banking sector

Google

After Apple and Facebook, Google is also planning to step into the Banking sector. Google is in a partnership with CITI bank to offer to check accounts in the USA. The company has named this project “Cache”. Users will be able to access their bank account with Google Pay App. Google is in talks with other banks as well, but the company has not disclosed any names. This service will be available by next year.

“We’re exploring how we can partner with banks and credit unions in the U.S. 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,” said the Google spokesman Craig Ewer.

Google executive Caesar Sengupta said Our approach is going to be to partner deeply with banks and the financial system,” Google executive Caesar Sengupta said in an interview. “It may be the slightly longer path, but it’s more sustainable.” The move would let users use Google Pay but keep money in accounts that meet the federal regulatory standards for banks. In the U.S., more than 2,000 banks already offer virtual card transactions via Google Pay, Google said.

Checking accounts could offer Google plenty of new consumer data, including how much people are paid, how much they spend and where and when they spend. Google told the Wall Street Journal it won’t sell that user data to others, but it does plan on using whatever information it can mine from the accounts to partner with other companies for things like loyalty programs.

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