12.5 C
New York
Thursday, September 17, 2020
Home News Google announces its first foray into digital banking, launching in 2021

Google announces its first foray into digital banking, launching in 2021

google-pay-setup-hero-01.jpg

In addition to Citigroup and the Stanford Credit Union, six other U.S. banks have also signed up.

What you need to know

  • Google is making its entry into the digital banking market.
  • It’s announced partnerships with eight U.S. banks to offer digital-only accounts via Google Pay.
  • You’ll need to wait till 2021 for the offerings to become available, however.

Realizing a rumor from late last year, Google this week announced (via 9to5Google) its foray into the banking world with eight U.S. banks pledging to offer digital-only bank accounts through Google Pay.

The digital accounts will launch in 2021 in both checking and savings flavors and will be either FDIC- or NCUA-insured. They will also be a true collaboration between the banks and Google, with Google only providing “the front-end, intuitive user experiences and financial insights,” and relying on the banks’ infrastructure for the back-end side of things.

In addition to Citigroup and the Stanford Credit Union, which were part of the original rumors back in 2019, Google has also added Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU to its ranks.

Unlike Apple, though, Google has yet to announce its own credit/debit card, though rumors suggest one is certainly in the works. A note in the original report about Google’s larger strategy also lines up rather well with today’s announcement, lending further credence to the story:

Google’s strategy is to let partnered banks and credit unions provide the underlying financial infrastructure and navigate regulation while it builds smarter interfaces and user experience.

Google Pay now works with the Android 11 Public Beta

Latest

How to set up a Google Nest Hub Max

Before you start making those video calls or start controlling all of your connected smart home gadgets, we break down how to set up your Google Nest Hub Max.

Common Echo Show problems and how to fix them

Is your Echo Show giving you issues? Here are six of the most common bugs that pop up with the Amazon smart display, as well as several fixes you can try.

Common Google Nest Hub Max problems and how to fix them

Here are common issues people tend to have with the Nest Hub Max, and troubleshooting tips to help fix them.

How to Write a Top-Notch Research Paper

Crafting a research paper to earn you a stellar grade takes more than just researching and noting content down. It also requires...