Google may be the next technology giant to invest in a new product in the financial. According to the Wall Street Journal, the company plans to launch by 2020, with a current account service to all users of Google’s Pay.
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The company has been working on it internally, it was called the design Cache. According to the WSJ, accounts that are not managed by Google, but by other partners, such as Citigroup, and the credit union at the University of Stanford.
The pair were involved in the project, and that you are open to receiving more business. The vice-president of product management at Google, Caesar Sengupta, told the WSJ that the idea is to keep your partner in the front of the product.
The banks are expected to manage the financial structure of the new service, while Google may be able to offer you solutions such as loyalty programs. “Our approach is to partner deeply with both the banks and the financial system,” said Sengupta.
When you invest in a cash account, the company will be able to find out how much people earn and how they spend their money. The executive says that the company will not use such data for marketing purposes.
It is not clear whether the current account will have fees. If it is free of charge, the company would be unable to compete with their competitors, the traditional one, since the customers ‘ do not tend to move from the bench just as easily.
In the background of a current account and a Google board, Apple, Card, credit card, launched in August, and the british Pound, criptomoeda of Facebook is planned to be launched in 2020, but it has lost several of its partners, in the past couple of weeks.
With the information, The Verge, TechCrunch.