Google is planning on opening a chequing account feature to build out its Google Pay functionality.
This move is rumoured to take place next year and will take a different approach to digital finances when compared to Apple’s recently launched credit card.
Anonymous sources speaking with the Wall Street Journal said that Google is looking to partner with Citigroup and a California-based credit union. This likely means that it will only be available in the U.S. at launch.
Unlike the Apple Card, which is a re-branded MasterCard from Goldman Sachs in the U.S., Google’s first step into the financial world will revolve around a chequing account.
This is likely since Google often supplements data it learns about its users as more valuable than a form of payment.
The banking platform is currently codenamed ‘Cache,’ and so far, that’s all we know about the service. It seems unlikely that it will launch in Canada, but could make its way here at some point.
Source: Bloomberg, Wall Street Journal