Google eyes banking as it widens its reach [View all]

[brooklynite]

Source: Washington Post

Google is wading into the highly competitive world of banking, adding to its long line of businesses as regulators scrutinize tech giants for potential anti-competitive concerns.

The web search giant announced Wednesday it will offer checking accounts beginning next year through a partnership with Citigroup and Stanford University’s credit union. Consumers will access their accounts through the Google Pay mobile app, meaning the service won’t compete directly with traditional banks that have storefronts seemingly on every corner.

The arrangement will give Google a potential trove of new data about spending habits, income and other details, valuable for better understanding consumers. But it will probably face scrutiny as part of a broad investigation of Google from regulators and state attorneys general.

Known as Cache, the banking program was reported earlier by the Wall Street Journal.



Read more: https://www.washingtonpost.com/technology/2019/11/13/google-eyes-banking-it-widens-its-reach/