Google plots deeper financial service push - Mobile World Live

Google plots deeper financial service push

14 NOV 2019

Google opened talks with banks and credit providers in the US to offer current accounts to Google Pay users, further boosting the range of services it offers in the sector.

In a statement, Google said it planned to partner to offer accounts it described as “smart”, comprised of general bank services provided by finance providers and a range of money management tools. Its initial lead partners on the project are Citibank and Stanford Federal Credit Union.

Details on the launch were sparse, though the company confirmed accounts would be provided within the Google Pay brand already used for its mobile payment and online wallet services.

A Google representative said it was “exploring how we can partner with banks and credit unions in the US” on accounts, “helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC [Federal Deposit Insurance Corporation] or NCUA [National Credit Union Administration]-insured account”.

The move would be a significant boost to Google’s consumer finance play, which it ramped across several markets since bringing its various payment products under one banner in early 2018.

It is also a further sign of huge US tech and software companies increasing the scope of their financial services.

Earlier this week Facebook unveiled a new payments brand which will operate across its social media apps, while Apple brought a credit card to market in partnership with Goldman Sachs in March.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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