Google’s foray into the fintech world continues to expand and soon, Google Pay will support mobile checking, courtesy of eight US-based banks….
It’s no secret that Google (along with Apple and Samsung), have much interest in mobile banking. This serves as a strategic and savvy data collection funnel, where tech companies can amass even more personal information. Then, used said info to sell more targeted advertising, and for other means.
Today, Google announced it’s formed partnerships with eight banks in the United States — including the US division of the Bank of Montreal or BMO, as well as BBVA. The agreement will give Google the ability to offer mobile checking accounts that will exist entirely within Google Pay.
Google Pay Mobile Checking Accounts coming Next Year
Google Pay will support digital checking accounts on the front end. Meanwhile, partner banks will handle the infrastructure, FDIC insurance, along with any other necessary backend technology. This should provide customers with everything that’s required for a virtual bank account because it’s unknown whether or not physical debit cards will be offered.
Google’s new mobile banking products will go live sometime next year; though exactly when isn’t known. A Google spokesperson explains:
“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the US to offer digital bank 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.”