Google Pay will add digital-first bank accounts from 8 banks in 2021
Starting next year, Google will begin offering digital-first, FDIC-insured bank accounts directly in the Google Pay app. The search giant is said to be partnering with eight different banks for the new initiative.
If you’ve ever used services such as Simple or Monzo, Google’s announcement sounds similar in that it’s all digital and will provide users the right financial insights, built-in budgeting tools, and an elegant interface. Partner banks will manage the financial side of accounts.
As of now, Google hasn’t confirmed if they’ll offer a Google-branded card (which we previously heard was in the works), so all payments will likely be done online or via NFC. One of the banks partnering with Google, BBVA, said the new initiative is designed to improve the financial health of its users.
“Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers,” said Felix Lin, Vice President of Payments Ecosystems at Google. “We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
Today’s announcement is actually an extension of an earlier partnership with Citi and SFCU; the other banks include Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU, bringing the total to eight.
Google didn’t provide an exact date as to when consumers can take advantage of the new initiative in Google Pay, so we’re left with a vague 2021 timeframe for now. The company is always working on many different projects simultaneously, with their hardware division just recently announcing the Pixel 4a and upcoming Pixel 4a 5G and Pixel 5.
Source: BBVA USA