Google is planning to offer checking accounts to customers starting next year. According to a report from the Wall Street Journal, the search giant is working on a project “cache.” Google tie-up with Citigroup and a small Stanford University credit union for the project. Google will tie the accounts to Google play.
Google is not going to open any bank but financial institutions will put their accounts on Google Play and banks will be responsible for the financial plumbing and compliance. The details of the accounts are still not finalized. Google also hasn’t decided whether it will charge the fees for checking the account service.
“We’re exploring how we can partner with banks and credit unions in the United States 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,” a Google spokesperson said in a statement provided to the E-Commerce Times.