The financial world is important to Silicon Valley. While Apple recently caused controversy with its Apple Card on social networks for discrimination against women, the Wall Street journal reports that Google’s will take advantage of this opening to announce its new banking services.
Google’s checking accounts starting in 2020
Financial services are important, and technology groups are not indifferent to them, as the following shows: Apple card, Facebook Pay, Libra, Google Pay.
Although Google already offered the possibility to register a credit card on a compatible mobile phone, it now wants to offer a checking account directly on its Google Pay application.
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This new alternative to traditional banks would be offered by Google from 2020, in collaboration with Citigroup and a Stanford University credit union.
It is these banks that will manage and control the accounts. The goal would be “to help more people do more things digitally, online. »
Google already promises not to sell the financial data of its users
As soon as Google announced its new project, it already declared that it will not sell account information for advertising purposes. This is in addition to the fact that it does not currently use Google Pay’s data for the same purpose.
The end of traditional banks?
More and more offers are coming from technology companies. More and more online or neo-banking banks are also emerging. With many advantages, these new banks are often easy to use and can endanger traditional banks. But even if these newcomers force the digitization of more traditional banks, they still do not completely replace the traditional banks.
And what about the checking account that will be available on Google Pay next year: Google’s offer will undoubtedly have certain limits and may be useful outside a more traditional offer. Although deposits and transfers of checks to the Google account seem to be simple, it remains to be seen how the company sees, for example, cash deposits or the relationship between customers and bank. Above all, one question remains important that has not been answered: will a bank card be made available to users, and under what conditions?