Google is preparing to launch new banking services on the basis of Google Pay

Apple, Google, Facebook – all of them, though in different ways, but were able to succeed, becoming the best in the business. However, the time when it was possible to go just for a single product are long gone, and now, to have the ability to save points earned and multiply them, it is imperative to expand the scope of activities. But not enough to start doing something new, you need to also understand what the users want, and I think the financial sector is exactly what everyone needs.

Google wants to enter the financial services market. Because why not

See also: Google wanted to make Google Pay as convenientas Apple Pay, but changed his mind

Google plans to launch a new financial service called Cache, found out The WSJ. From Google Pay it differs in that it is not for payments, but for storage, transfer and receiving cash. Essentially, this means that Google wants to provide banking services to the population. But since the relevant license the company does not have, she will have to enlist the help of this Bank, and maybe not even one. According to rumors, right now Google has partnered with Citigroup and Stanford Federal Credit Union.

Bank Google map

Most likely, Google will launch its own map. But, unlike the Apple Card, “plastic” the search giant will allow users to use their own funds, not credit, and then easily send their loved ones to get from them money transfers and perhaps even to open Bank deposits. Well, to all of these procedures can be performed quickly and comfortably, it would be logical to implement them in Google Pay. Then contactless payment service Google has the potential to become a full-fledged financial instrument.

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Google itself does not deny that is working with the banks, but did not disclose the goals of this cooperation. The only thing the company considered it necessary to tell about is that it will not use user data Google Pay in his new project. Therefore, most likely, to worry about what you will roll in promotional mailing with the offer to issue Bank card Bank partner, not worth it. Still, it would be too rough and would likely lead to the fact that some users simply would refuse to Pay Google.

Transfer money through Google Pay

If all do so, it is logical to assume that at first the service will only work in the United States. In the end, that there is a shortage of convenient banking applications, allowing them to receive financial services directly from your smartphone without having to go to the Bank in such detail as the statement of account, filing of an application for the issue of contribution and much of what users from Russia have long been successfully doing online.

See also: Why I refused to Google Pay

It is clear that the service Cache in the form in which we imagine now will need not in all countries. Another thing is that users from Russia, where problems with convenient banking applications has never been, may still be interested in a new product search giant just because it will belong to the ecosystem Google. Despite the fact that the search giant’s ecosystem is inferior to Apple, its convenience is hard to overestimate, because it will further expand the boundaries of opportunities available to Android users.

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