Google Wants to be Your New Bank in 2020

Alphabet-owned (GOOGL) Google will start offering checking accounts to consumers next year. Read More...

Alphabet-owned GOOGL Google will start offering checking accounts to consumers next year. Under code name “Cache,” the company is partnering with Citigroup C and Palo Alto-based Stanford Federal Credit Union to run the checking accounts; these firms will also all financial and compliance activities.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="According to Google exec Caesar Sengupta, who spoke to the Wall Street Journal, the company is considering not charging a service fee, and is thinking about offering perks like a loyalty program as well.” data-reactid=”19″>According to Google exec Caesar Sengupta, who spoke to the Wall Street Journal, the company is considering not charging a service fee, and is thinking about offering perks like a loyalty program as well.

Google’s plans are the latest move from Big Tech to enter the banking space. Apple AAPL just launched a branded credit card for iPhone users with Goldman Sachs GS; Facebook FB is looking at rolling out a payments system across all of its platforms after plans to debut a cryptocurrency failed; and Uber UBER announced a plan to offer financial products and services.

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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

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Google Wants to be Your New Bank in 2020

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