Following the lunching of Facebook Pay Google is set to offer users the possibility of opening a bank account starting next year. The company thus takes a step forward and joins the flow of recent weeks, in which large technology companies are making important movements in the area of personal finance. Apple, for example, recently launched its Apple Card, and Facebook just on Tuesday, Facebook Pay.
For its part, Google will launch its own bank accounts at the beginning of the year, as part of the project called «Cache», which has led it to sign and agreements with banks and credit institutions to offer bank accounts. Even if they are Google accounts, it will be these banks that handle all of their financial operations.
So if the products are offered by the banks… what does Google earn with all this? Basically, that the bank accounts contracted through Google will be an open door to have very sensitive information about the day-to-day movements of users, where they make their purchases, in what way, what services are the ones that acquire the most…
Of course, to attract users, Google will launch a loyalty program, as well as discounts and other advantages such as reduction of commissions, so that they are encouraged to hire Google’s financial services.
Initially, Google bank accounts will be available in the United States, although as the company signs agreements with other entities could reach other markets soon. Google already has some financial services in its portfolio, such as Google Pay, the payment system similar to Facebook Pay, which was announced just yesterday, and also the Google Wallet portfolio, which allows the sending of micro payments between users, as well as having access to different bank accounts from the same point. But Google is not worth it only with that information, apparently it wants more.