After Apple has already expanded its portfolio on the financial market in 2019 in addition to its payment service “Apple Pay”, Google now wants to get significantly more involved in the financial sector alongside its payment service “Google Pay”. According to the Google Watch Blog, the plans go beyond Apple’s, and it should not only be a credit card, but a full current account model that can be used to run regular salary payments, etc.
Of course, a search engine does not suddenly become a real bank, but like any credit card or the Facebook cryptocurrency Libra, there are real banks behind such a project. Citibank and the Stanford University bank are known to date. The aim of an own current account model is not primarily to generate money through interest income, but to be able to analyze the cash flows of the customers. Each user should then be provided with detailed statistics on income and expenditure.