Google has revealed plans to offer checking accounts in 2020 through a project nicknamed Cache. In a chat with the Wall Street Journal, the company's Caesar Sengupta also touted it as a way to further digitize the banking world.
Google is in talks with USA banks about offering checking accounts to its customers.
Citi and Stanford Federal Credit Union will run the federally insured accounts as Google seeks to leverage their financial and regulatory expertise, according to the company.
Mercury putting on rare show Monday, parading across the sun
Again, you'll need proper eye protection for Monday's spectacle: Telescopes or binoculars with solar filters are recommended. You will not be able to view this event without a telescope and the appropriate filter.
Google next big venture appears to be banking.
Over the past year, Facebook has announced it is working on a digital currency, Apple has introduced a credit card and Amazon has been in talks with banks to introduce personal accounts for consumers. After all, Google's in the business of data, not banking, so its true interest is compiling all that financial data that a Google checking account would show, including how much money a person makes, what their spending habits are, what bills they pay, etc. This strategy is "more sustainable" although a "longer path". As Mr. Sengupta was quoted, "If we can help more people do more stuff in a digital way online, it's good for the internet and good for us".
For Google, the quest for the trove of data associated with checking accounts and financial products is another step in its push to collect information on all aspects of people's lives. The Apple Card is backed by Goldman Sachs, but Apple doesn't really promote that fact. Google is now facing an anti-trust review by the Justice Department, as well as general concern from Washington and consumers alike that the company has too much power to stifle competitors and collect and profit off of the personal data of users without any real oversight.