Google is planning to offer checking accounts within its Google Pay app, Wall Street Journal reports.
Codednamed as “Cache” project, planned to be launched within a year!
The accounts will be offered through Citigroup and Stanford University credit union and administered by them. Those banks will be a prominent part of the product branding, Google told the WSJ.
Google told the WSJ that it wouldn’t sell its customers financial data, and said that it doesn’t use the data it currently has from its digital Google Wallet for advertising purposes. Still, that leaves open the possibility that Google would crunch customer data in-house for its own purposes, subject to federal bank-privacy laws fears Barrons
Google isnt the first tech giant to offer current account to the customers.
- Amazon – Chase Bank
- Apple – Goldman Sachs
- Facebook Pay
are ahead of the race beating google.