Google makes the leap to banking and offer checking accounts

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Google He plans to start offering next year current accounts, one more step in the commitment of technology giants for banking and financial services.

The project, baptized Cache, will be carried out in collaboration with the bank Citigroup and with a credit cooperative from the Stanford University of California, according to the Wall Street Journal on Wednesday and confirmed other media.

Google will add to other large Silicon Valley companies that are trying to gain a foothold in the financial field, for now without much success.

Manzana, for example, presented last summer a credit card, while Facebook is working on a digital currency that is encountering obstacles from regulators.

For Google, what You already have a payment system known as Google Pay, checking accounts offer access to a huge amount of information, including customer income and expenses, according to The Wall Street Journal.

Executive Caesar Sengupta told the newspaper that the company will not sell financial data, something that does not currently do with Google Pay, the application through which users will access their checking accounts.

According to estimates, Google Pay is on track to reach 100 million users worldwide in 2020, a sharp rise from the 39 million it had in 2018.

For Citigroup, meanwhile, the alliance with Google offers an option to increase its clientele beyond the places where it has a physical presence, a head of the entity told the newspaper.



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