Google to offer checking accounts
Consumers could soon be paying their bills with Google checking accounts as the tech company works on a project it's calling Cache in partnership with Citigroup and a credit union at Stanford University, Google told The Wall Street Journal.
"If we can help more people do more stuff in a digital way online, it's good for the internet and good for us," Google executive Caesar Sengupta told The Journal.
The project is set to launch in 2020. Google's branding will take a backseat to the other financial institutions and let them handle many of the banking activities it cannot do without a license, The Journal reported.
OUTRAGE MOUNTS OVER GOOGLE'S ACCESS TO HEALTH CARE DATA
"Our approach is going to be to partner deeply with banks and the financial system," Sengupta said. "It may be the slightly longer path, but it's more sustainable."
Google has not decided whether to charge fees on the checking accounts, but it is open to partnering with more banks, Sengupta told The Journal.
Google decision to tell the public about Cache comes mere days after the revelation that, unbeknownst to patients and doctors, the company has been collecting personal health data with health system Ascension.
Other tech companies are moving toward financial services, too — and getting access to more information about individuals in the process.
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Facebook's cryptocurrency Libra hasn't launched yet and suffered a setback in October, when partners including Paypal and Ebay pulled out of the Libra Association.
FOX Business' inquiry to Google was not returned at the time of publication.
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