Google is preparing to enter the finance business with the current account offering. According to a report on Wednesday (13) by the Wall Street Journal, the company will offer the solution in partnership with traditional banking, starting with Citigroup's financial conglomerate. The goal is to attract mainly young people and other users who are used to dealing with digital services.
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Cesar Sengupta, the company's chief executive, confirmed the newspaper's plans and said "the approach is to seal a deep partnership with banks and the financial system". It is not yet known how it will be called a bank account – internally, the project is called Cash. Announcement is expected by 2020 in the United States.
Google prepares current account using Google Pay – Photo: Marvin Costa / TechTudo
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Also according to the publication, users will have access to the account through the Google Pay app, where they can make transactions and eventually get credit with partners. Google also mentions the possible offering of loyalty programs. The company is also assessing 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 customer data. However, a company official who listens to the newspaper denies that the company sells consumer information to its paying clients.
Banking was considered strategic by the world's leading technology companies. Apple recently launched the Apple Card, a credit card for iPhone and Uber users announcing expansion of its financial products with credit card, debit card and checking account. Amazon would also have similar plans.
Facebook operates on two different fronts. On the one hand, it is working to make the Libra sustainable project, which involves creating cryptocurrencies and losing the support of key partners. On the other hand, the social network is trying to attract the general public to Facebook Pay, its first payment platform along the lines of Apple Pay and Google Pay.
Through the Wall Street Journal
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