Google wants to be your bank: It will soon offer checking accounts

Silicon Valley continues to invade your wallet.

14.11.2019

Silicon Valley continues to invade your wallet.

Silicon Valley continues to invade your wallet.

The push into checking accounts is the latest instance of a Big Tech company moving into the financial services space. Amazon also wants to introduce checking accounts for customers. Facebook announced its Libra cryptocurrency project earlier this year. And Apple has teamed up with Goldman Sachs to launch a credit card, while its Apple Pay service has become a go-to payment method for many iPhone customers.

Google already offers smart home devices like Nest and Google Assistant and just entered into health and wellness world with its planned acquisition of Fitbit.

"This is just the tip of the spear in terms of where [tech giants are] going," said Ives.

"We have trouble seeing how combining the two is going to produce an outcome that either Democrats or Republicans will embrace," Seiberg said.

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