Google Pay partners with US banks to offer digital bank accounts
The bank accounts can be managed through Google Pay
Google Pay announced new partnerships with U.S. banks on Monday as a means to offer a complete digital banking service.
The bank accounts can be managed through the app as more consumers turn online to manage their finances.
At least six U.S. banks are participating in the program, including Citi, BBVA and BMO Financial Group. BMO said in a press release that Google Pay will be integrated on top of its existing infrastructure and all accounts will be FDIC-insured.
Google, however, will provide the front-end user experiences and “financial insight.”
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A spokesperson for the company said in a statement to FOX Business that it is looking into ways to help customers with their finances.
“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the U.S. to offer digital bank accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account,” the spokesperson said.
Launch times have not yet been announced for many of the partnerships.
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Google Pay was on track to have 100 million global users this year, according to The Wall Street Journal, up from 39 million in 2018.
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The announcement comes one week after Alphabet CEO Sundar Pichai testified before lawmakers on Capitol Hill regarding antitrust concerns, along with Facebook’s Mark Zuckerberg, Apple’s Tim Cook and Amazon’s Jeff Bezos.
Pichai was questioned about the company’s work in China, its decisions to pull out of bids for U.S. military contracts, and alleged biases in search, among other topics.