Google is preparing to get into the finance business with the current account offer. According to a report on Wednesday (13) The Wall Street Journal, the company will offer the solution in partnership with traditional banks, starting with the financial conglomerate Citigroup. The goal would be to attract mainly young people and other users used to dealing with digital services.
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Caesar Sengupta, the company's executive, confirmed the plans to the newspaper and said the approach would be to seal a deep partnership with banks and the financial system. It is not yet known how the bank account will be called internally, the project is called Cache. The expected release for 2020 in the United States.
Google prepares current account running via Google Pay Photo: Marvin Costa / dnetc
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Also according to the publication, users will have access to the account through the Google Pay application, where they can make transactions and eventually get credit with the partner entities. Google also mentions the possible offer of loyalty programs. The company also assesses whether it will charge maintenance fees or follow the trend of the free digital account offered by fintechs.
Google's entry into the financial services market, says The Wall Street Journal, is linked to its desire to access even more user data. The company official heard by the newspaper, however, denies that the company markets consumer information to its paying customers.
Banking has been viewed as strategic by the world's leading technology companies. Apple recently launched the Apple Card, a credit card for iPhone users, and Uber announced the expansion of its financial products, with a credit card, a debit card and a checking account. Amazon would also have similar plans.
J Facebook acts on two distinct fronts. On the one hand, it works to make the Libra project viable, which involves the creation of a cryptocurrency and has lost support from key partners. On the other hand, the social network tries to attract the general public to Facebook Pay, its first payment platform along the lines of Apple Pay and Google Pay.
Via The Wall Street Journal
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