Although many bank account owners are likely to write very few paper checks now, such accounts still hold the key to operating debit cards which are much more common these days.
And although it is possible to link multiple debit cards to smartphones or smartwatches for digital payments, Google sees an opportunity to skip the middleman and let people enter checking and savings accounts directly through its Google Pay app service.
First Revealed last November, Google is partnering with FDIC-backed banks to allow customers to sign up and manage accounts directly through the platform. The alliance was first revealed with Citigroup, with the Stanford Federal Credit Union soon joining, but the party became much larger today.
Six additional US banks have announced plans to become a part of the platform: Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU. Banks made different announcements today.
“We previously confirmed that we are exploring how we can partner with our banks and credit unions in offering digital payments through Google Pay, enabling their customers to keep their money in the FDIC or NCUA Helps. Google Account Spokesperson told TechCrunch. “We are excited that six new banks have signed up to offer digital checking and savings.”
Google also confirmed that it plans to add further banks, meaning a total of eight institutions could hit further balloons before the service starts.
The 2020 launch was pegged when we first heard about the Citigroup partnership late last year. However, today’s announcements indicate the place of 2021, and it is not yet clear whether this will be true with all banks or just new ones.
As the representative suggested, Google will provide the interface layer and budgeting tools for accounts, which will still be maintained and operated by partner institutions. Such partnership banks are designed to help bridge the data Google is providing with data, with traditional bank accounts giving way to modern, digital solutions (including cryptocurrency and DIFI). More customers in the ecosystem, and of course financial incentives.
BBVA USA President and CEO Rodriguez Soler said, “BBVA has focused for decades on how digital can be used to advance the financial industry, and in doing so creates more and better opportunities for customers Are. ” In a release. “Collaboration from companies like Google represent the future of banking. When finance and big technology work together to their advantage, consumers end up the true winners. “
Of course, given all the privacy red flags surrounding “big technology”, a Google-tapped bank account may be the last thing some users want in their lives.