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Google to launch checking accounts in 2020 – Report

Google to launch checking accounts in 2020 – Report

Mubasher: Google is preparing to offer checking accounts to its customers from next year, in the search engine giant’s finance push, the Wall Street Journal (WSJ) reported on Wednesday.

Under the project, code-named Cache, the accounts will be managed by Citigroup and the Stanford Federal Credit Union.

“Our approach is going to be to partner deeply with banks and the financial system,” Google payments general manager and vice-president Caesar Sengupta told the WSJ in an interview.

With this move, Google will be the latest Silicon Valley company to wade into the banking world.

Tech giants like Apple and Facebook faced obstacles in their push, with consumers growing cynical over offering access to their personal data.

However, Google does not aim to sell personal user information, Sengupta said.