Software
Google Pay will endorse mobile search accounts beginning next year.
Google is entering mobile banking through a new partnership announced Monday with a total of eight US-based banks, including the Bank of Montreal (BMO) and BBVA US divisions. Bank accounts will reside entirely inside Google Pay, with consumers able to access digitally managed accounts at the front end of Google while partner banks manage infrastructure, FDIC insurance, and other backend technology.
It's not clear at this point whether consumers will have access to physical debit cards provided by Google or its partners, but the banking feature is expected to go live sometime in 2021.
Google's mobile banking ambitions, known internally as the "Cache" initiative, first appeared last year when the company officially announced its collaboration with Citi and the Stanford Federal Credit Union.
We've already verified that we're investigating how we can work with banks and credit unions in the US to deliver digital bank accounts through Google Pay, helping consumers benefit from valuable insights and budgeting resources, while holding their money in an FDIC or NCUA-insured account, said Google's spokesperson to The Verge. We are thrilled that six new banks have signed up to offer digital checks and savings.
In addition to Citi and Stanford Federal Credit Union, we will also partner with Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Freedom Bank and SEFCU.
