Google was the first service that integrated mobile payments with bank-less funds, peer-to-peer transactions, as well as a plastic debit card with a validity of three years. Then, Google Pay was launched which had the elements of Android Pay and Google Wallet all combined together. Initially, what used to be a simple payment mode, has now turned into something quite huge. And Google Pay is still expanding its offerings beyond the original ideology of peer-to-peer transactions.
Earlier this year, Google had announced that they are exploring new ways to partner with banks and credit unions in the US to offer the customers smart digital checking and saving accounts through Google Pay. This initiative will provide beneficial insights and budgeting tools to these customers, and their money will be secured in an FDIC or NCUA-insured accounts.
At that time, only Citi and Stanford Federal Credit Union were partnering with Google Pay, but now, six more banks have become partners with Google Pay that will let new customers have accounts at their institutions through Google Pay.
These new banks that are now teaming up with Google Pay include Bank Mobile, a subsidiary of Pennsylvania-based Customers Bank, BBVA USA (formerly BBVA Compass) in Alabama, BMO Harris in Chicago, Coastal Community Bank in Washington, First Independence Bank in Michigan and SEFCU in New York.
All these eight banks in total will provide the transactional infrastructure and financial backing to the customers of the USA, while the Google Pay app will provide the front-end experience and useful insights to these customers. As mentioned above, their accounts will be securely insured by the FIDC or NCUA, and this service is likely to begin somewhere in 2021.
In the times of consumption-driven economic structure of the world, purchases are not as important and trivial as the data about those purchases are. Now, Google is not a saint, and it can use the user information and data that it would obtain from the financial services that it offers to its clients. Most of these clients are cautious about their privacy and will only use the services offered by Google if there are some added benefits like the usual banking amenities including free ATM access and cashback. So, this is why checking and saving accounts are necessary for Google to provide its customers with something more beneficial.
At the moment, there is a variety of multi-culture and populations represented by these banks partnering with Google Pay- maybe in the hopes to provide diversity to the users and gain their trust.
Let us see how it all turns out eventually for Google Pay and its users.
Read next: Google’s new Chrome extension gives some insights about ads to the users
Earlier this year, Google had announced that they are exploring new ways to partner with banks and credit unions in the US to offer the customers smart digital checking and saving accounts through Google Pay. This initiative will provide beneficial insights and budgeting tools to these customers, and their money will be secured in an FDIC or NCUA-insured accounts.
At that time, only Citi and Stanford Federal Credit Union were partnering with Google Pay, but now, six more banks have become partners with Google Pay that will let new customers have accounts at their institutions through Google Pay.
These new banks that are now teaming up with Google Pay include Bank Mobile, a subsidiary of Pennsylvania-based Customers Bank, BBVA USA (formerly BBVA Compass) in Alabama, BMO Harris in Chicago, Coastal Community Bank in Washington, First Independence Bank in Michigan and SEFCU in New York.
All these eight banks in total will provide the transactional infrastructure and financial backing to the customers of the USA, while the Google Pay app will provide the front-end experience and useful insights to these customers. As mentioned above, their accounts will be securely insured by the FIDC or NCUA, and this service is likely to begin somewhere in 2021.
In the times of consumption-driven economic structure of the world, purchases are not as important and trivial as the data about those purchases are. Now, Google is not a saint, and it can use the user information and data that it would obtain from the financial services that it offers to its clients. Most of these clients are cautious about their privacy and will only use the services offered by Google if there are some added benefits like the usual banking amenities including free ATM access and cashback. So, this is why checking and saving accounts are necessary for Google to provide its customers with something more beneficial.
At the moment, there is a variety of multi-culture and populations represented by these banks partnering with Google Pay- maybe in the hopes to provide diversity to the users and gain their trust.
Let us see how it all turns out eventually for Google Pay and its users.
Read next: Google’s new Chrome extension gives some insights about ads to the users
