Google is working on a project code-named “Cache,” a program to offer consumer checking accounts next year in partnership with Citigroup…
Google to Offer Checking Accounts Next Year through Citigroup Bank
Reportedly, Google will offer some banking services in partnership with Citigroup and a small Stanford University credit union.
Google executive Caesar Sengupta told the WSJ that the initiative is designed to “help more people do more stuff in a digital way online.”
Although Google won’t actually run the financial service, it will handle it to a certain degree. Google states it will not use account holders’ transaction data to sell to advertisers. (The company reiterated it doesn’t engage in this practice for Google Pay.)
Google isn’t alone in its foray into financial services. For instance, Apple launched its own credit card in partnership with Goldman Sachs.
Additionally, Facebook has its own financial transaction tools, with users being able send and receive money from one another.