Following in the footsteps of Apple and Apple Card, it seems that Google may be preparing to enter personal finance products. According to a report by Wall Street Journal, Google plans to offer checking accounts next year with something called Project Cash.
The report says Google will partner with banks and credit unions to offer checking accounts, but the bans will address all financing and compliance activities. This is a slightly different approach than what Apple does with the Apple Card. Caesar Sengupta, GM and VP of payments at Google, spoke to the VCF and he made it clear that Google would put its partners much further ahead. Apple Card is backed by Goldman Sachs, but Apple doesn't really promote that fact. It's a lot of Apple product through and through.
What's the point of Google? As you can probably guess, it's about collecting information that is at the heart of every Google product. The company plans to offer incentives to customers, of course, such as loyalty programs. According to Sengupta, the company is still deciding whether to charge a service fee. Without benefits only for some people would be a pretty big boost.
Google will have a bigger hurdle to overcome than Apple when it comes to persuading people to provide financial information. However, many people are already using Google Pay, so it may not be a big leap toward anything that ends up in Project Cash. This is an interesting new battlefield in the tech space, and we're interested to see what Google does.
Source: Wall Street Journal | Via: TechCrunch
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