Google has revealed plans to launch official bank accounts for its users in 2020. The bank account solution dubbed Google Cache will capitalize on Google Pay services while partnering with other commercial banks.
The move of tech companies to provide financial services has been predominant in recent times. The likes of Apple Pay, Opay, FacebookPay controls the large market share in the fintech sector. Google Pay was also launched by the search engine giant to provide financial services.
However, Google has taken a step further through its Google Cache offerings. It goes beyond offering typical financial services to providing checking accounts for users. It will offer this personal account service through its partnership with Citigroup and Stanford Federal Credit Union.
See Also: Introducing Apple Card for Contactless Payments
When launched in 2020, Google Cache will rival Facebook and Apple financial services. The competition will be overtly slim for the new fintech as it will offer more in-depth services. It will offer services that range from digital payment apps, bank accounts, brokerage accounts to loans for startups.
However, there are concerns about the fintech utilizing users’ data available on the Google platform. Users are worried about whether their information will be siphoned without their permission.
The spokesperson of Google, Craig Ewer debunked the claims. He said that the company will not use users’ data for Google Cache. The tech giant will rather partner regional banks to offer the smart checking account through its Google Pay app. This will help it provide customers with useful insights and budgeting tools.
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