Google is planning to launch a new checking account which will likely be available next year.
The search engine is partnering with Citibank and a Stanford credit union to push the project forward. The new checking accounts launched by Google are expected to be available inside the Google Pay app sometime in 2020. Citibank and the credit union will be in charge of the legal compliance of the platform. They will also handle the financial back end. Speaking to the Wall Street Journal, one Google executive explained that the new product is meant to “help more people do more stuff in a digital way online.”
The new checking account will come complete with detailed financial reports and loyalty programs. The checking accounts will also store a huge swath of data surrounding consumers’ income and spending habits. Google insists that it will not sell any of this personal information to advertisers.
The new service may be joined by other big-tech digital payment platforms in the not-so-distant future. Apple already launched a credit card recently, which was aptly named “Apple Card.” Going forward, Amazon is considering the possibility of launching a new checking account for teens. Facebook also recently announced Facebook Pay, a service that’ll allow users to send money through their app. While many of these efforts have run into major hiccups, you can expect to see Silicon Valley expand further into the financial services industries.