Banking: Google Cache will hoard your data
Why does the tech behemoth want to provide current accounts for users? It’s the data, stupid.
It was only a matter of time before Google announced another shiny new financial product to keep up with its peers.
Unsatisfied with just Google Pay – the digital wallet that allows users to pay for items using their mobile device – the tech behemoth has decided to go one step further with Google Cache (pun intended, I assume), which will offer current accounts as early as next year.
Google plans to partner with Citigroup and Stanford Federal Credit Union to offer the accounts. The latter is based in California along with Google HQ and is where a lot of Google employees have accounts – so it is an obvious choice.
Google is in good company.
Earlier this year, Apple launched its own platinum credit card in partnership with Goldman Sachs. Uber offers credit and debit cards to drivers and Amazon launched its own credit card in 2017, which rewards customers for making purchases via its website.
What does Google hope to gain with this new product? It doesn’t want to become a bank and deal with all the regulation that comes with it, evident by the fact that it has partnered with two other financial institutions to do the heavy lifting.