Google will enable users to access their bank accounts through the Google Pay app beginning next year, sources say.
Google is taking its deepest dive yet into the financial lives of its users with plans to roll out a checking account service.
The move is the latest sign of Silicon Valley’s determination to muscle in on financial firms’ territory, looking to expand their hold on customers and accumulate data on their finances. At the same time, it shows banks are more willing to pair up with technology companies in their quest to avoid getting shut out of the relationship entirely. In the Google arrangement, the financial institutions will handle most of the compliance requirements.
“This agreement has the potential to expand the reach and breadth of our customer base while complementing our continued investments in digital,” Citigroup said in a statement.
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