Google is set to unveil a new checking account, expected to be released next year.
The tech giant is collaborating with Citibank and a Stanford credit union to move the project forward. The upcoming checking accounts by Google are anticipated to be accessible within the Google Pay app in 2020. Citibank and the credit union will be responsible for ensuring legal compliance on the platform and managing the financial aspects. A Google executive, speaking to the Wall Street Journal, highlighted that the new product aims to enable more people to perform various tasks digitally.
The new checking account will provide detailed financial statements and loyalty programs. It will also collect a vast amount of data on consumers’ income and spending patterns. Google has clarified that it will not sell any of this personal data to advertisers.
In the near future, other major tech companies may also introduce digital payment platforms. Apple recently launched the “Apple Card” credit card. Amazon is contemplating launching a checking account tailored for teenagers. Furthermore, Facebook unveiled Facebook Pay, a money transfer service through its app. Despite encountering challenges along the way, Silicon Valley is expected to make deeper forays into the financial services sector.
