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Google checking account service on its way: report


By Agence France-Presse

Google plans to launch a checking account service next year in a collaboration with Citigroup and a credit union in Silicon Valley, the Wall Street Journal reported on Wednesday.

In a project code named Cache, Google is working on a system that will host checking accounts clearly bearing the brands of the financial institutions, which will handle security and regulatory compliance issues, according to the Journal report.

Google is shutting down its Google+ social network after a data breach (AFP Photo/JOSH EDELSON / MANILA BULLETIN)


The report quoted a Google executive as saying the company’s approach “is going to be to partner deeply with banks and the financial system” in what might be seen as a longer but safer route.

The move would come as internet titans become increasingly involved in online financial transactions and e-commerce.

Apple and Google both offer digital wallets that can be used on smartphones to pay for purchases online or in real-world shops.

Apple also recently released a credit card.

Amazon has been reported to be in talks with banks about creating a checking account service.

Meanwhile, Facebook has been steadily building up e-commerce tools at the social network as well as the ability to send money using its messaging apps such as WhatsApp.

Facebook has gone a major step further, releasing controversial plans for a global cryptocurrency called Libra.

Facebook had originally hoped to roll out Libra next year, but has met fierce resistance from regulators and governments who see it as a threat to their monetary sovereignty.

The social media giant’s chief executive Mark Zuckerberg last month opened the door to scaling back plans for Libra if it cannot win approval as a new currency for global exchanges.

Zuckerberg told US lawmakers on October 23 that the goal of Libra was “to build a global payment system rather than a currency”.

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