Earlier this month it was reported that JPMorgan Chase was moving to bolster its valuable wholesale payments business by building an e-wallet that lets e-commerce and gig economy firms such as Amazon and Airbnb offer their customers virtual bank accounts. Google says more than 2,000 USA banks already allow for virtual card transactions through Google Pay.
Google, though, isn't launching its own bank.
Details of the checking accounts, such as fees and limits, weren't immediately available.
Naturally, customers will manage Google Cache from the Google Pay app.
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Big tech companies have been pushing into other arenas such as finance and health care to gain more access to consumer data.
Skepticism: But consumers are rightly skeptical of technology companies' ability to keep their data private and secure.
Consumers increasingly expect the same type of experience from banks as they get from Apple or Google and big tech is undoubtably going to be in financial services in some way, independently or by partnership, Donovan believes. Google has been working on the checking accounts for at least three years, he added. Apple's new credit card, backed by Mastercard and Goldman Sachs, launched in August.
Alphabet Inc's Google will offer personal checking (or debit in Australian vernacular) accounts from sometime next year in partnership with Citigroup Inc and a small credit union at Stanford University, a person familiar with Google's plans said on Wednesday.
"High-tech companies are experts at data exploitation and monetization", said Dennis Kelleher, president of Better Markets, which generally pushes for tighter banking regulation. "It's not clear that anyone other than high-tech companies would benefit from allowing commercial companies to provide those products and services, rather than financial companies".