A few months after Apple got into consumer finance with its own credit card, a new report says that Google is eyeing its own move into that space.
Google plans to get into banking by offering checking accounts to consumers. According to a report from the Wall Street Journal, the project is codenamed Cache, and it’s expected to launch next year.
With Cache, checking accounts will be run by Citigroup and a credit union at Stanford University. Google executive Caesar Sengupta says that Google wants to bring more value to consumers, banks, and merchants using services that could include things like loyalty programs.
Some folks may be wary about signing up for a checking account related with Google because those accounts can have a lot of sensitive information, like how much a person makes and where they shop. Sengupta says that Google won’t sell the financial data of its users, though, adding that Google doesn’t use data from Google Pay for advertising and doesn’t sell that info to advertisers, either