Google to offer checking accounts next year
Google announced today that it would launch a checking account next year with Citigroup and a credit union at Stanford University. Customers would access the checking account through Google’s Google Pay digital wallet, which is on pace to reach 100 million users in 2020. Google believes it can create value for customers through services that could include loyalty programs. The company remains undecided on whether it will charge fees on the accounts.
Why it matters:
- The news follows a slew of financial service product announcements and launches from tech giants including Uber Money, Apple’s joint card with Goldman Sachs, and Facebook’s digital currency project Libra.
- Tech giants are among the best positioned for the future of financial services leveraging their massive user bases and global reach to distribute innovative financial products.
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