Google plans to offer checking accounts

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In this case, Google is allegedly working with Citigroup and Stanford Federal Credit Union, the latter of which is popular among Googlers.

The details of the accounts have not been finalized. But the Google Pay accounts are would likely have rules similar to a typical Citi checking account, according to the person with knowledge of the joint project. The Apple Card is backed by Goldman Sachs, but Apple doesn't really promote that fact.

"We're exploring how we can partner with banks and credit unions in the U.S.to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools", Google said in an emailed statement, adding that the accounts will carry federally guaranteed insurance.

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.

Consumers increasingly expect the same type of experience from banks as they get from Apple or Google and big tech is undoubtably going to be in financial services in some way, independently or by partnership, Donovan believes.

The partnership is a bit of a shift for Citigroup, which has been relying on marketing its digital bank accounts to existing customers in its sprawling credit card business.

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"Big question that it raises is will Google share that data, and that is a big privacy concern", Moebs said. Google says it's also intending to offer product advantages for both consumers and banks, including things like loyalty programs, on top of the basic financial services.

"High-tech companies are experts at data exploitation and monetization", said Dennis Kelleher, president of Better Markets, which generally pushes for tighter banking regulation.

"We are pleased to explore providing checking accounts nationwide through Google Pay", said Elizabeth Fogarty, a Citi spokesperson.

However, Google did commit to not selling that data to advertisers.

Citigroup and Google will be co-branded on the accounts.

Earlier this year, Apple announced the Apple Card, the first credit card issued by the tech giant.

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