Google Announces Checking Accounts For Consumers
Google is entering the finance industry as the company announced that it will soon be offering checking accounts to consumers, according to The Wall Street Journal.
The project is expected to launch sometime next year with the checking accounts being run and managed by Citigroup Inc. and a credit union at Stanford University. The project is called Cache.
Google is not the first large tech corporation to get involved with the financial industry. This past summer Apple Inc. introduced its own credit card as a way to get more data on individuals and promote their brand further. Furthermore, Amazon has also talked to banks about offering checking accounts and Facebook is in the process of launching its own cryptocurrency.
The expansion of these large tech corporations has sparked interest among trustbusters in Washington, concerned over the amount of influence a single corporation can have on the overall economy.
Google is the most recent large tech corporation to enter the finance industry and they plan to launch their checking account project sometime next year.