The tech giant from Alphabet group intends to offer personal banking accounts in cooperation with Citibank.
If Google manages the launch the project, it will be the first of the world’s biggest tech companies to enter retail banking market. While it was typical for previous companies that they offered only credit cards or digital currency for consumers, Google intends to launch a real bank with its project code-named Cache.
“We are now trying to find out how to partner with banks and how to offer personal banking accounts through our Google Pay platform,“ Google spokesman said to Reuters. Google assures they would not sell checking account users’ financial data if they decide to begin with banking market.
The tech company now has to deal with regulatory issues. Apart from that, Google has to reassure the public that it can be trusted as a bank. There’s a certain threat that previous unsuccessful attempts of Apple and Facebook will be repeated. In these cases, companies were refused mostly for not being trusted enough to protect the account users’ financial data properly.
