Google to Offer Checking Accounts in 2020

Shifting to Citigroup-backed banking.

By
Tech
9,047 Hypes 11 Comments

According to The Wall Street Journal, Google will begin offering checking accounts within its Google Pay app. Codenamed project “Cache,” the offer could launch as soon as next year, and is slated to be provided in partnership with Citigroup and a small Stanford University credit union.

Google has underlined that accounts will be branded by the aforementioned entities to maintain financial backend and regulatory compliance. According to a statement, Google executive Caesar Sengupta told the WSJ, the initiative is intended to “help more people do more stuff in a digital way online,” and may offer a loyalty card program down the road.

It’s worth considering Google’s claims that it won’t sell financial data to advertisers and that Google Pay data isn’t meant for advertisement data. The WSJ also notes that the checking accounts will hold extremely valuable data about any given consumers’ spending and earning information, and Google — like so many other tech companies — has suffered various data breaches in the past.

A focus on money services seems to be the logical next step for tech giants. Recently, Apple launched its Apple Card alongside partner Goldman Sachs, and Facebook announced its Libra cryptocurrency. Notably, both have created big issues for the respective companies; Apple’s credit card is currently being investigated for discrimination against women, while several backers of Libra have dropped out of the initiative following crackdowns from regulators.

Recently, Google announced the launch titles for its cloud gaming service, Stadia.


Read Full Article

What to Read Next

Venice Biennale Shuts Down in Wake of Record-Smashing Floods
Arts

Venice Biennale Shuts Down in Wake of Record-Smashing Floods

Venice’s mayor has called for a state of emergency due to the highest flooding in half a century.

Kodak Black to Serve Nearly 4 Years in Prison for Weapons Charges
Music

Kodak Black to Serve Nearly 4 Years in Prison for Weapons Charges

The Florida superstar faces the consequences of his latest legal issues.

Diamond Supply Co. to Launch 23-Piece Keith Haring Collection
Fashion

Diamond Supply Co. to Launch 23-Piece Keith Haring Collection

Outerwear, hoodies, T-shirts & more are covered with the artist’s signature pop art.


Patagonia "ReCrafted" Reworks Unrepairable Clothes Into New Garments
Fashion

Patagonia "ReCrafted" Reworks Unrepairable Clothes Into New Garments

A step beyond the brand’s Worn Wear program.

03 Greedo & Kenny Beats Announce 'Netflix & Deal' Album & Drop "Maria" Single
Music

03 Greedo & Kenny Beats Announce 'Netflix & Deal' Album & Drop "Maria" Single

The pair are planning to release a collaborative project.

A$AP Mob Announces Fifth Annual Yams Day in Brooklyn
Music

A$AP Mob Announces Fifth Annual Yams Day in Brooklyn

Expect members of the crew and their friends to make appearances.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.