Or, said another way, Google is everywhere.
The Wall Street Journal reported earlier on Google's plan and quoted Caesar Sengupta, general manager and vice president of payments at Google, as describing an approach of partnering deeply with banks.
This is not the only way Google has ventured into money management as a service. A Stanford alumnus, the executive said he opened his first bank account out of graduate school at the Stanford credit union and that many of his colleagues at Google also have accounts there.
The company plans to offer checking accounts starting next year through its Google Pay digital wallet product in partnership with established banks, it said Wednesday. Customers can access their accounts through the company's Google Pay app, the person said.
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The website states that this piece of information comes from a presentation that was done last month among Apple employees. From the rumours swirling around Apple's AR efforts, we'd have expected a pair of specs or goggles to pop up sooner.
"I'm not saying that's bad in and of itself - I just mean that the value-added products that come out of that, with the help of artificial intelligence, will create dependencies that I'm not sure are a good thing".
Big tech payment services provided by the likes of Alibaba's Ant Financial and Tencent's WeChat account for roughly 16% of China's GDP, compared to less than 1% in the USA, according to the Bank for International Settlements, an organisation backed by 60 of the world's central banks.
Sengupta did say that the service could offer other features on top, such as loyalty card program. (NASDAQ: GOOG) - Google's parent company - traded fairly flat after the news broke, up just 0.2% shortly after 10:30 a.m. EDT after futures dipped a bit.
And while Google hasn't suffered the same level of scandal as the next-largest advertising platform, Facebook, the strategy is the same-monetize people's personal information. Rivals like Facebook are already facing scrutiny for their financial plans - Google might encounter more of the same. Only Amazon was rated higher in a McKinsey & Company survey included in the Journal's report. One advantage Google might have-58% of consumers would trust Google financial products, per McKinsey. Consumer checking accounts aren't a cash cow, but the data Google gets from that daily spending could be invaluable.
You know that feeling when you're booted from the group chat?