Google Pay pushes Cache project to join hands with Citibank

Alphabet’s online search giant Google (Google) said today that it will provide a personal checking account through Google Pay’s app next year, initially with Citigroup and the University of Stanford Small Credit Cooperative, launched this Service.

Google Pay is launching this code-name Cache as rival Facebook and Apple expand their consumer finance business.

The above companies are trying to gain a place in finance, and US authorities and lawmakers are worried about their huge influence and poor record in data privacy, which will have an impact in the future. Recently, Facebook partners have withdrawn from Facebook’s digital currency plan due to censorship.

Google said it had initially talked with the authorities about regulatory issues related to the new checking account, but declined to say which agencies they had talked to.

Citigroup Inc and Stanford University have confirmed that they will participate in the Google program.

Credit : https://www.cna.com.tw/news/aopl/201911140094.aspx

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