Google eyes consumer banking business in 2020

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 26%
  • Publisher: 63%

The tech giant has partnered with Citi to offer current accounts to its customers

South Africa Latest News, South Africa Headlines

Silicon Valley tech companies are looking to expand their hold on customers and accumulate data on their financesNew York — Google has partnered with Citigroup and a local California credit union to offer current accounts to its customers, a person familiar with the matter said, making it the latest Silicon Valley tech giant to muscle in on financial firms’ territory.

The product, code-named Cache, will launch in 2020 with Citigroup handling most of the financial and compliance requirements, the person said. The project has not been announced publicly. Customers can access their accounts through the company’s Google Pay app, the person said. Silicon Valley tech companies are looking to expand their hold on customers and accumulate data on their finances. The nightmare for the finance industry is that tech giants replicate the success of Alipay and WeChat in China, where money flows through digital systems without the need for banks at all.Apple paired with Goldman Sachs in 2019 to offer a credit card that extended $10bn in loans as of September 30.

Facebook launched a cryptocurrency project, Libra, that drew critics in US Congress who said the social media company’s track record on privacy and other matter disqualifies it from moving into financial services. A representative for Alphabet’s Google did not immediately respond to a request for comment, and Citigroup declined to comment. The Wall Street Journal reported Google’s plan earlier Wednesday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wedding trends 2020: jumpsuits and barrettes are on the riseWhile traditional veils remain popular, the tiara is also giving way to bridal barrettes and combs.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Indluplace warns 2020 dividend will fall as rising municipal charges biteThe company says SA’s economic position remains difficult as it trims 2019 payout
Source: BDliveSA - 🏆 12. / 63 Read more »

Albon to race on with Red Bull F1 team in 2020'Alex has performed extremely well since his debut with the team in Belgium and his results - seven finishes in the top six - speak for themselves.'
Source: TimesLIVE - 🏆 28. / 59 Read more »

Bill Murray confirmed for 'Ghostbusters 2020'Bill Murray will be reprising his iconic role as Peter Venkman in the new 'Ghostbusters' movie
Source: Channel24 - 🏆 48. / 51 Read more »

Business Maverick: Google Deepens Push for Financial Data With Citigroup Tie-UpGoogle is taking its deepest dive yet into the financial lives of its users with plans to roll out a checking-account service.
Source: dailymaverick - 🏆 3. / 84 Read more »

Google healthcare data move makes some queasyGoogle defended a project aimed at modernizing healthcare while giving it access to medical data of millions of people.
Source: eNCA - 🏆 49. / 51 Read more »