Google is going to enter the field of financial services and provide users with the ability to open checking accounts. The project, codenamed Cache, is scheduled to launch in 2020 with support from Citigroup and Stanford University's lending arm.
Project partners will be engaged in servicing bank accounts. Users of the new service will have access to their account through the Google Pay service. This was announced by the head of payment services Google Caesar Sengupta (Caesar Sengupta) in an interview with the Wall Street Journal. He noted that other financial companies will be able to join the project in the future.
βOur approach is that we will work closely with banks and the financial system. Maybe this is a slightly longer path, but also more sustainable,β Mr. Sengupta said.
As planned by the developers, the Google Cache service will be useful for customers of banks and companies, it will also contain a customer loyalty program, while the data is not going to be used for advertising purposes or sold to advertisers.
A recent survey conducted by the consulting company McKinsey & Company showed that almost 58% of respondents are willing to trust Google financial products. This result is better than that of Apple and Facebook, but inferior to Amazon.
βIf we can help more people solve more problems online, then thatβs good for the Internet and good for us,β Sengupta said.
It is reported that Google has not yet decided whether they will charge a fee for using a bank account. Sengupta explained that sometimes banks charge a fee to customers who have little money in their account or rarely use their debit cards.
Juniper Research estimates that there will be 2020 million Google Pay users in 100, up from 39 million in 2018. While Apple Pay last year had about 140 million users.
Source: 3dnews.ru