Google Will Soon Offer Banking Services
Main page News, Google, personal finance

US giant Google intends to launch a service that will allow users to open and manage bank accounts, The Wall Street Journal reports.

The project, dubbed Cache, is expected to be launched next year. Google has partnered with financial group Citigroup and the Stanford Federal Credit Union.

Users will reportedly be able to manage their accounts directly through Google Pay. Project partners will be responsible for processing financial transactions, managing current accounts, and communicating with regulators.

It is still unknown whether users will have to pay for this service or not.

This new service will allow Google to access confidential information about its users, including their salary and where they usually spend their money.

Caesar Sengupta, general manager of payments solutions at Google, has said this data will not be sold to any third parties and assures that Google's goal is to help people make more transactions through the Internet.

Google Pay will reach 100 million users worldwide by 2020, a figure which is significantly higher than the 39 million from 2018.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error