August 15, 2022

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Google is abandoning its plan to offer checking accounts like banks

Google is abandoning its plan to offer checking accounts like banks

Google will not provide its own bank accounts to third parties. At least not yet. After several years of development, the project came to an abrupt end that drove the Mountain View giant out of The profession in which technology companies have found that they offer their own products related to the financial field.

reveal it The Wall Street Journal, who had already primarily announced the company’s efforts in this area, in the information later confirmed by Google.

Google Bay.

product, baptized k googleplex, with the support of important companies in the sector, such as Citigroup or Stanford Federal Credit Union to launch checking accounts. The original plan also provided for the issuance of debit cards from MasterCard.

The decision to end its development comes less than a year after its launch New Google Pay. The company offered with him An experience much closer to that of other virtual banks and pointers of the moment, paving the way for your future foray. One, for now, will not be produced.

Google and the future of banking

Google isn’t the only tech giant interested in the financial spectrum. Apple, for example, already offers its own credit card in partnership with Goldman Sachs and It improves its offerings with many other features. Facebook seeks to standardize payments across its platforms and start playing cryptocurrency dem – and all the infrastructure that this entails around it -.