Google Pay will support mobile checking accounts starting next year
Google is getting into mobile banking through a new partnership announced on Monday with a total of eight US-based banks, including the US division of the Bank of Montreal (BMO) and BBVA. The bank accounts will exist entirely within Google Pay, with customers able to access checking accounts handled digitally on the front end by Google while partner banks handle the infrastructure, FDIC insurance, and other backend technology.
It’s unclear at this time if customers will have access to physical debit cards issued through Google or its partners, but the banking feature is slated to go live sometime in 2021. News of Google’s mobile banking plans, known internally as the “Cache” project, first surfaced last year, when the company formally announced partnerships with Citi and Stanford Federal Credit Union.
“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the US 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,” a Google spokesperson tells The Verge. “We are excited that six new banks have signed up to offer digital checking and savings. In addition to Citi and Stanford Federal Credit Union, we will also be working with Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU.”