Google Pay users will soon be able to check their bank accounts within the app. According to a Wall Street Journal report, the company may go the Apple and Facebook route as early as next year.
The search engine giant is looking to partner with banks for the same, and the project, under the code-name 'Cache', is likely to launch in 2020.
However, Google has already clarified that they do not intend to sell the financial data of account holders. The search engine giant plans to go through existing banking channels and, according to the WSJ, will have accounts run by Citigroup and the Stanford Federal Credit Union.
According to reports, the accounts are also likely to comply with the same regulations as a traditional account.
Facebook, which has run into strong resistance with its cryptocurrency, Libra, has also launched payment systems for all its apps (WhatsApp, Instagram, Messenger, and Facebook).
Earlier this year, Apple partnered with Goldman Sachs to issue an Apple Credit Card. There have however been allegations of gender discrimination by Goldman Sachs while determining credit limits. The New York Department of Financial Services has now opened a probe into the allegations.
