Google Pay to Launch Digital Bank

Google was continuously trying to get deeper into the financial world and now the tech giant has announced that it is planning to launch the digital bank accounts in Google Play.
The eight banks in the US have confirmed that they are partnering with Google to offer digital-first bank accounts directly in the Google Pay app. Google will provide the front-end, intuitive user experiences, and financial insights while the financial side of these accounts will be managed by the partner banks.

Built-in budgeting tools and “financial insights” exclusive to Google’s digital bank accounts will be offered by the Google Pay app.

Google’s vice president of Payments Ecosystems, Felix Lin, shared the company’s excitement:

GOOGLE IS EXCITED TO WORK WITH BBVA USA IN ENABLING A DIGITAL EXPERIENCE THAT IS EQUITABLE FOR ALL AND MEETS THE EVOLVING NEEDS OF A NEW GENERATION OF CUSTOMERS. WE BELIEVE THAT WE CAN USE OUR TECHNOLOGY EXPERTISE TO BENEFIT USERS, BANKS AND THE ENTIRE FINANCIAL ECOSYSTEM.

Google also said:

WE HAD CONFIRMED EARLIER THAT WE ARE EXPLORING HOW WE CAN PARTNER WITH BANKS AND CREDIT UNIONS IN THE US TO OFFER DIGITAL BANK ACCOUNTS THROUGH GOOGLE PAY, HELPING THEIR CUSTOMERS BENEFIT FROM USEFUL INSIGHTS AND BUDGETING TOOLS, WHILE KEEPING THEIR MONEY IN AN FDIC OR NCUA-INSURED ACCOUNT. WE ARE EXCITED THAT SIX NEW BANKS HAVE SIGNED UP TO OFFER DIGITAL CHECKING AND SAVINGS. IN ADDITION TO CITI AND STANFORD FEDERAL CREDIT UNION, WE WILL ALSO BE WORKING WITH BANK MOBILE, BBVA USA, BMO HARRIS, COASTAL COMMUNITY BANK, FIRST INDEPENDENCE BANK, AND SEFCU.

BBVA is working with Google to launch the digital bank accounts in the US through Google Pay sometime in 2021. Interface, including “financial insights, of the app will be handled by Google and the BBVA will provide the infrastructure

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