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Google announced it will offer personal checking accounts next year through its Google Pay app, initially in partnership with Citigroup and a small credit union at Stanford University.
The project, codenamed Cache, expands on Google's efforts in consumer finance - a clear strategy for incumbent tech companies looking for new sources of revenue and opportunities to strengthen ties with users. Google said it has held initial talks with regulators, though it declined to specify which ones, about compliance issues related to the new checking accounts.
“We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account,” Ewer said
