Google plans to offer checking accounts next year

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  • #224412

    eridani
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    @eridani

    https://www.theverge.com/2019/11/13/20962745/google-checking-account-citigroup-stanford-pay-banking-financial-services-cache

    Google is planning to offer checking accounts within its Google Pay app, The Wall Street Journal reports. Its “Cache” project, which could launch as soon as next year, will be offered in partnership with Citigroup and a small Stanford University credit union. Google says that the accounts will be branded up front as coming from these banks, which will handle the financial backend and regulatory compliance.

    Google executive Caesar Sengupta told the WSJ that the initiative is designed to “help more people do more stuff in a digital way online,” and he noted that the service could be used to offer loyalty card programs. The publication also notes that checking accounts contain a huge amount of valuable data about consumer spending as well as information about how much people earn. Google, however, has been quick to claim that it won’t sell checking account financial data to advertisers, and it added that it doesn’t currently use Google Pay data for advertising purposes.

    In recent years, big tech companies have been increasingly interested in pushing into financial services. Earlier this year, Apple launched a credit card, the Apple Card, in partnership with Goldman Sachs, and Facebook announced Libra, a cryptocurrency it’s attempting to launch with a collection of other tech and finance companies. Just yesterday, Facebook announced Facebook Pay, a service for sending money over the company’s social networks and app. Even Amazon has reportedly investigated offering checking accounts to teens.

    Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

  • #224597

    Cold Mountain Trail
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    @coldmountaintrail

    great idea, let the national security spy state manage your checking.  who better?

    why are people so flipping stupid?

    google, facebook & amazon should be broken up, cremated & the ashes buried in a volcano.

  • #224666

    incognito
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    @incognito

    No fucking way would I ever trust Google, a government asset, with my money.

    Are they fucking nuts?

    Yes!

  • #224808

    retired liberal
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    @retiredliberal

    Citigroup? No thank you.

    We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.

    If you are wrong, it will be because you are not cynical enough.

    Both major political parties are special interest groups enabling each other for power and money, at the expense of the people they no longer properly serve…

    • #224813

      Cold Mountain Trail
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      @coldmountaintrail

      wouldn’t trust them either.  not sure i even trust my credit union in these times.

  • #224944

    Hobbit709
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    @hobbit709

    Think I’ll stick with my credit union.

    I don't waste my time teaching pigs to sing.

  • #224949

    xyzse
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    @xyzse

    Scary how large companies like that can place their hands in so many different businesses.

    So, I believe in the idea of “To advance progress in the world, you need monopolies, but to advance progress in the world, you need to break-up monopolies”.  I forgot who said that, but that statement stuck with me.

    Much of the progress from before was due to large companies monopolizing and advancing new technology.  Creating a better system.  However, once they get to a point, they stagnate, and they then become impediments to progress.  They instead become protectionists, and only seek their own interest to prolong the status quo.

    That is when they have to be broken-up in to much smaller parts.  They should not be allowed to cannibalize their competition, which once they do, they then turn towards cutting costs.  That is when you lose jobs, due to redundancy and quality suffers, since they don’t have to deal with making superior products but merely spend as little as possible, just to turn profits.

    Google and their parent company Alphabet, needs to be broken-up.  This is the same as the Banks that got bailed out, who got government money that they used to just buy the smaller banks and competition.

  • #225112

    David the Gnome
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    @davidthegnome

    Yeah, I think I’ll pass.  I mean, thanks Google, but I kind of hate you because of all the fucking useless shit you force me to keep on my phone.  So, fuck off and die plz thx.  Also, to the makers of all android devices: make better phones, stop putting google’s shitty fucking bloatware on them.

  • #225142

    B Calm
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    • Total Posts: 332
    @bcalm

    Will Google share your routing number as they do with your e-mail address?

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