Google has serious new plans to launch bank accounts. As reported by the website FinExtra, the company will provide users with accounts in cooperation with as many as 8 American banks. All based on Google Pay. But when will we be able to open this type of account? The fastest in 2021
Google and bank accounts
The fact that Google has such plans for its own bank accounts has been previously announced. The first rumors about this appeared in 2019. Then the Financial Times claimed that the accounts would be run by Citiogroup and the credit union from Stanford University. Now FinExtra lists a larger number of banks that are starting cooperation with Google in this innovative area. These are precisely: Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU.
But how are such accounts supposed to work in practice? The article shows that the project will use a digital Google Pay wallet. So it is likely that the sale of accounts will be conducted through it. It is said that the accounts will appear on the market the fastest in 2021.
– Being able to support our clients’ financial lives in more digital places where they spend their time is very important to our success Says Brett Pitts, director of digital affairs at BMO Financial Group.
Rodriguez Soler of BBVA adds that “Cooperation with companies such as Google is the future of banking.”
– Consumers become real winners when there is synergy between finance and big technologies – he adds.
Google debit cards
However, this is not the end of surprises from the Google camp. Today, it is also said that the US tech giant is also developing its corporate physical and virtual debit cards that would be sold with co-branded financial services accounts. The plastic card is known to be tied to the Google Pay app. With the help of the latter, users will be able to check their balance and transaction history. Unlike the Apple card, the card issued by Google is supposed to be a kind of debit card.