Alphabet-owned (GOOGL - Free Report) Google will start offering checking accounts to consumers next year. Under code name “Cache,” the company is partnering with Citigroup (C - Free Report) and Palo Alto-based Stanford Federal Credit Union to run the checking accounts; these firms will also all financial and compliance activities.
According to Google exec Caesar Sengupta, who spoke to the Wall Street Journal, the company is considering not charging a service fee, and is thinking about offering perks like a loyalty program as well.
Google’s plans are the latest move from Big Tech to enter the banking space. Apple (AAPL - Free Report) just launched a branded credit card for iPhone users with Goldman Sachs (GS - Free Report) ; Facebook (FB - Free Report) is looking at rolling out a payments system across all of its platforms after plans to debut a cryptocurrency failed; and Uber (UBER - Free Report) announced a plan to offer financial products and services.
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