Google is going to provide users with the opportunity to open checking accounts, The TechCrunch reported.
The project, codenamed Cache, will be launched in 2020 with the support of Citigroup Bank and Stanford Federal Credit Union.
WSJ spoke with the head of Google’s payment services, Caesar Sengupta, who noted that the corporation was going to work actively with financial institutions, leaving them with the financial side of the project.
Many technology corporations are increasingly offering banking services and are developing in the financial sector.
Thus, Apple, together with Goldman Sachs, introduced a project to issue its own cards, Amazon is also in talks with JPMorgan intending to provide its customers with the opportunity to open a current account, and Facebook intends to launch its own cryptocurrency.
As Senator Mark Warner told CNBC, he is concerned about such initiatives, whether it be Libra or Google’s proposal, when technology giant platforms enter a new field before any regulatory standards appear there.