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”.
It is also a further sign of huge US tech and software companies increasing the scope of their financial services.Subscribe to our daily newsletter Back