Source: Android Central
What you need to know
- Google is set to start offering checking accounts in 2020.
- The project is code-named 'Cache' and is a partnership with Citigroup and a Stanford University credit union.
- Users will be able to manage their accounts using the Google Pay app.
It looks like Google is poised to make a move against the Apple Card, with the Wall Street Journal reporting that the tech giant will begin offering checking accounts in 2020. The project, cleverly code-named "Cache", is a partnership between Citigroup and a Stanford University credit union which will handle the financial backend and regulatory compliance.
The front-end of the checking account will be handled by the Google Pay app to help manage your banking and payments digitally. When speaking to the WSJ, Google executive Caesar Sengupta also mentioned that there could be loyalty card programs included with the checking account as well.
Source: Android Central
Of course, one of the biggest concerns with Google becoming your bank of choice is data collection. Bank accounts are a valuable resource when it comes to learning how much money you make or what you like to spend your money on. However, Google has stated that it won't sell checking or account data to advertisers, and noted that it doesn't currently use Google Pay data for advertising either.
Regardless, it still shines a light on how integral tech companies are becoming in our lives and how much data they have aggregated on us. Just recently, Google took criticism over data collection with "Project Nightingale" where it collected medical records of millions of patients across 21 states. Google's recent acquisition of Fitbit also has its community of users worried about what the advertising company will do with their data.
We won't learn much more about Cache until next year, but in the meantime, Google isn't the only one getting into financial services. Back in April of this year, T-Mobile opened its own online checking account T-Mobile MONEY, offering up to 4.00% APY. Then, just yesterday, Facebook Pay was announced which will eventually allow users to make payments via Facebook, Messenger, Instagram, and WhatsApp.
Healthcare data is big money and seeing Google involved shouldn't surprise you
We may earn a commission for purchases using our links. Learn more.
Google doesn't have to make big changes for the Pixel 4a to be great
The best part of the Pixel 4a is likely to be the same as the Pixel 3a: getting the basics done incredibly well, pairing it with an awesome camera and slick Google software, and doing it at a great price.
Do you see a lot of people using Pixel phones?
All of us here at AC are obviously familiar with Google's Pixel phones, but what about more general consumers? According to our forum members, not many of them see Pixels being used out in the wild.
YouTube Music's selection is great despite record label laziness
YouTube Music is one of the few places in the world to listen to out-of-print music, unreleased music, and official music together, but pirated fan uploads can muddy the waters when record labels and YouTube don't work together to keep them at bay and official content front and center.
Keep your wallet put away and pay with your Wear OS watch
Ready to start paying for your coffee with just your watch? Here are all the Wear OS devices that support Google Pay!
