Technology: Google will offer checking accounts next year, report says - - PressFrom - US
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Technology Google will offer checking accounts next year, report says

16:05  13 november  2019
16:05  13 november  2019 Source:   cnet.com

Google plans to offer checking accounts next year

  Google plans to offer checking accounts next year The partnership with Citigroup and a Stanford credit union could launch next yearGoogle executive Caesar Sengupta told the WSJ that the initiative is designed to “help more people do more stuff in a digital way online,” and he noted that the service could be used to offer loyalty card programs. The publication also notes that checking accounts contain a huge amount of valuable data about consumer spending as well as information about how much people earn. Google, however, has been quick to claim that it won’t sell checking account financial data to advertisers, and it added that it doesn’t currently use Google Pay data for advertising purposes.

Google will become the latest technology company to wade into banking with the search giant set to offer checking accounts next year , according The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the report said . Google did not immediately return an email

(Reuters) - Alphabet Inc's (O:GOOGL) Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc (N:C) and "It may be the slightly longer path, but it's more sustainable," Sengupta was quoted as saying in the report . On Tuesday, Facebook also launched a

Google reportedly plans to start offering checking accounts to consumers next year. The accounts will be run by Citigroup and a credit union at Stanford University, according to a report Wednesday from The Wall Street Journal

Google is just the latest tech giant to get into financial services. James Martin/CNET© Provided by CBS Interactive Inc. Google is just the latest tech giant to get into financial services. James Martin/CNET

"Our approach is going to be to partner deeply with banks and the financial system," Google's Caesar Sengupta told the Journal. He added that it may be a longer path, but Google viewed it as "more sustainable."

Consumers would reportedly access their Google checking accounts through Google Pay, the company's digital wallet. The tech giant hasn't decided whether checking accounts will charge a fee, Sengupta told the Journal. He added that Google won't sell checking-account users' financial data and that the company doesn't use or share Google Pay data for advertising.

Google wants to be your new bank

  Google wants to be your new bank It's not just Apple and Facebook diving headlong into the financial world. Google has revealed plans to offer checking accounts in 2020 through a project nicknamed Cache. The search giant won't handle the actual underpinnings -- Citigroup and a credit union at Stanford University will both handle the accounts and feature the most prominent branding. There will still be integration between Google and the accounts, though, and some of it might raise concerns among regulators.Google is promising that it won't sell account holders' financial data. Instead, this is meant to add value for customers, shops and the banks themselves with services like loyalty programs.

(Reuters) - Alphabet Inc's (O:GOOGL) Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc (N:C) and a small credit union at Stanford University, a person familiar with Google 's plans said on Wednesday. The details of the project, named Cache

(Reuters) - Alphabet Inc’s (GOOGL.O) Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc (C.N) and a small credit union at Stanford “It may be the slightly longer path, but it’s more sustainable,” Sengupta was quoted as saying in the report .

Google is just the latest tech giant to get into financial services.© CNET

Google is just the latest tech giant to get into financial services.

Google didn't immediately respond to a request for comment.

Google is just the latest tech giant to start offering financial services to consumers. Apple's new credit card, backed by Mastercard and Goldman Sachs, launched in August. Facebook, meanwhile, is trying to help launch a cryptocurrency called Libra, though it has faced strong pushback from lawmakers and regulators.

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