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Google jumps into financial services business with Cache

By Danielle Haynes
Google said the new banking account service will be introduced as soon as next year. File Photo by Stephen Shaver/UPI
Google said the new banking account service will be introduced as soon as next year. File Photo by Stephen Shaver/UPI | License Photo

Nov. 13 (UPI) -- Google is joining the ranks of tech companies moving into financial services with plans to offer checking accounts to customers as soon as next year, the company said Wednesday.

Google won't directly handle the bank accounts, but instead will partner with banks such as Citigroup and Stanford Federal Credit Union to offer the accounts. The company plans to call the new service Cache, The Wall Street Journal reported.

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"We're exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account," a Google spokesperson said in an emailed statement to UPI.

"We look forward to sharing more details in the coming months."

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The Wall Street Journal report said Google plans to offer customers loyalty programs through Cache. Spokesman Caesar Sengupta told the newspaper the company isn't sure if it'll charge service fees.

The spokesman said Google doesn't plan to sell customers' data to advertising firms. He said the banking accounts are aimed at customers who want to primarily bank digitally.

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"If we can help more people do more stuff in a digital way online, it's good for the Internet and good for us," he said.

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Google's announcement comes after Apple introduced its own credit card with Goldman Sachs -- Apple Card -- in August. Facebook on Tuesday unveiled Facebook Pay, a tool allowing users to make payments across the social media company's suite of applications. It is separate from Facebook's plans to introduce its Libra cryptocurrency.

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