Google plans to start offering bank accounts next year, another step in the technological giants’ commitment to banking and financial services.
The project, named Cache, will be carried out in collaboration with the bank Citigroup and with a credit cooperative of the Californian university of Stanford, according to the newspaper The Wall Street Journal this Wednesday and confirmed other means.
Google will thus join other large companies in Silicon Valley that are trying to make room in the financial field, for now without much success.
Apple, for example, introduced a credit card last summer, while Facebook is working on a digital currency that is being hampered by regulators.
For Google, which already has a payment system known as Google Pay, checking accounts offer access to a huge amount of information, including customers’ income and expenses, according to The Wall Street Journal.
Executive Caesar Sengupta told the newspaper that the company will not sell financial data, something it does not currently do with Google Pay, the application through which users will access their checking accounts.
According to estimates, Google Pay is on track to reach 100 million users worldwide by 2020, up from 39 million in 2018.
For Citigroup, meanwhile, the alliance with Google offers an option to increase its clientele beyond the places where it has physical presence, as indicated to the newspaper a head of the entity.