Google plans to enter the banking ecosystem
The big tech company plans its incursion into the financial system through the supply of checking accounts by 2020
The Internet giant has ambitious plans for 2020. The Google Cache project provides for the supply of checking accounts, to join other companies such as Apple, which have opted for banking and financial services.
Google informed through the media that Cache will be developed “in collaboration with Citigroup Bank and a credit union of the Stanford University of California.”
The initiative will allow him to join other big thech enterprises from Silicon Valley who have had a fruitless foray into the world of finance. Apple, for example, launched its credit card last summer, while Facebook – as it is known – wants to launch its digital currency Libra.
In any case, Google began to work its way towards the banking system with the Google Pay payment system. In the case of current accounts that have been planned for 2020, they expect to “provide access to a huge amount of information, including customer income and expenses,” according to information published in The Wall Street Journal.
Caesar Sengupta, Google executive, said the company “will not sell financial data” and clarified that through the Google Pay application users will have access to their checking accounts.
M.Pino
Source: BancayNegocios
