Google will provide consumers with a checking account next year, which is by far the most daring move by large technology companies in the consumer banking business.
Recently, some tech companies have focused on credit cards and payment platforms. According to sources, the project’s account will be managed by Citigroup and the Stanford Federal Credit Union. Google executive Sundar Pichai said the company does not intend to sell customer data. “If we can help more people do more work online in digital terms, then this is good for the Internet and for us.” Facebook also announced on Tuesday a new payment service called “Facebook Pay” that users will soon be able to use in a range of applications within the company.