Anzeige

Google now wants to offer its own checking account

Google has been using Google Pay in the area of financial transactions since 2015. Now the next step for the search engine giant is that, in addition to a Google account (which almost everyone now has with an Android smartphone at the latest), a Google current account model should also start in the USA from 2020.

Google now wants to offer its own checking account after the payment service

Topic Overview

Anzeige

Google now wants to offer its own checking account

Google has been using Google Pay in the area of financial transactions since 2015. Now the next step for the search engine giant is that, in addition to a Google account (which almost everyone now has with an Android smartphone at the latest), a Google current account model should also start in the USA from 2020.

Google now wants to offer its own checking account after the payment service

Topic Overview

Anzeige

Cooperation partners for the Google checking account are known

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.

According to the banks involved and also from Google, the issue of data protection and the privacy of their customers are just as important as the service. Because loss of trust would be irreparable damage for everyone involved.

The possibilities that a current account model for Google would offer are enormous. In this way, not only could valuable data about the cash flows of customers be recorded, but also attractive complete packages with Google Pay and the Google checking account could be offered at the same time. And certainly not least to offer the top dog of the payment services PayPal Paroli.

Advertisement

Cooperation partners for the Google checking account are known

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.

Advertisement

According to the banks involved and also from Google, the issue of data protection and the privacy of their customers are just as important as the service. Because loss of trust would be irreparable damage for everyone involved.

The possibilities that a current account model for Google would offer are enormous. In this way, not only could valuable data about the cash flows of customers be recorded, but also attractive complete packages with Google Pay and the Google checking account could be offered at the same time. And certainly not least to offer the top dog of the payment services PayPal Paroli.

The Germany start is still unclear

First, Google will start the field trial with its account model from 2020 only in the United States. In Germany, however, other access requirements apply in order to act as a bank. Other domestic banks could then also offer themselves as possible cooperation partners. BaFin is responsible for the admission of banks and financial service providers.

The fact that Google now wants to be more active in the financial services sector is almost a logical consequence to achieve more growth. We will definitely stay on the ball as the new business model in the United States develops. By the time things get going in Germany, there are already plenty of providers to optimize your current account and save account management fees.

further comparisons
Blogverzeichnis Bloggerei.de

The Germany start is still unclear

First, Google will start the field trial with its account model from 2020 only in the United States. In Germany, however, other access requirements apply in order to act as a bank. Other domestic banks could then also offer themselves as possible cooperation partners. BaFin is responsible for the admission of banks and financial service providers.

The fact that Google now wants to be more active in the financial services sector is almost a logical consequence to achieve more growth. We will definitely stay on the ball as the new business model in the United States develops. By the time things get going in Germany, there are already plenty of providers to optimize your current account and save account management fees.

further comparisons
Blogverzeichnis Bloggerei.de

Search the net for other topics:

About the author:

Michael W. Suhr
Michael W. SuhrWebdesigner / MBA
After 20 years in logistics, I turned my hobby, which has accompanied me since the mid-1980s, into a profession, and have been working as a freelancer in web design, web consulting and Microsoft Office since the beginning of 2015. On the side, I write articles for more digital competence in my blog as far as time allows.

Search by category:





You might also be interested in:

Search the net for other topics:

About the author:

Michael W. Suhr
Michael W. SuhrWebdesigner / MBA
After 20 years in logistics, I turned my hobby, which has accompanied me since the mid-1980s, into a profession, and have been working as a freelancer in web design, web consulting and Microsoft Office since the beginning of 2015. On the side, I write articles for more digital competence in my blog as far as time allows.

Search by category:





You might also be interested in:

Popular Posts:

1509, 2021

Microsoft Excel: Create vacation planner 2022 with public holidays and weekends

September 15th, 2021|Categories: Microsoft Excel, Microsoft Office, Office 365, Uncategorized|Tags: , , , , |

We explain how you can create your own vacation planner 2022 in Microsoft Excel. And of course with a display of public holidays and weekends.

1409, 2021

Create annual calendar 2022 in Microsoft Excel

September 14th, 2021|Categories: Microsoft Excel, Microsoft Office, Office 365|Tags: , , , , |

In our tutorial we describe how you can create an annual calendar for 2022 with a display of the calendar week and public holidays in Excel, and use it anew every year.

Word & Excel Templates:

See more

Word CV Templates:

See more

Monthly Bestseller:

Smart-Home

Bestseller Kategorie Smart-Home
Angebote ansehen

Homeoffice

Bestseller Kategorie Homeoffice
Angebote ansehen

Smartphone & Zubehör

Bestseller Kategorie Smartphone und Zubehoer
Angebote ansehen

Popular Posts:

1509, 2021

Microsoft Excel: Create vacation planner 2022 with public holidays and weekends

September 15th, 2021|Categories: Microsoft Excel, Microsoft Office, Office 365, Uncategorized|Tags: , , , , |

We explain how you can create your own vacation planner 2022 in Microsoft Excel. And of course with a display of public holidays and weekends.

1409, 2021

Create annual calendar 2022 in Microsoft Excel

September 14th, 2021|Categories: Microsoft Excel, Microsoft Office, Office 365|Tags: , , , , |

In our tutorial we describe how you can create an annual calendar for 2022 with a display of the calendar week and public holidays in Excel, and use it anew every year.

Word & Excel Templates:

See more

Word CV Templates:

See more

Monthly Bestseller:

Smart-Home

Bestseller Kategorie Smart-Home
Angebote ansehen

Homeoffice

Bestseller Kategorie Homeoffice
Angebote ansehen

Smartphone & Zubehör

Bestseller Kategorie Smartphone und Zubehoer
Angebote ansehen

Most read:

Search by category:

Go to Top