Google, the world’s most important technology company, has decided to take a big step towards innovation and this time it enters the banking industry.
The Wall Street Journal report indicates that Google plans to provide current accounts in 2020 through a new financial project.
“Cache” is the code name for the new project in which Google plans to enter the financial market in 2020, following an alliance with Citigroup and stanford credit union.
Last Wednesday, Google said it plans to offer its customers checking accounts in its Google Pay digital wallet by 2020.
This new tool will allow customers to use Google Play, but their money will be saved in accounts that have legal standards required by banks.
In a statement, Google said it is exploring how to partner with more banks and credit institutions, and that its goal is to help its customers get benefits from highly useful tools and allow them to manage their money.
It is estimated that by 2020 the number of Google Play users will reach 100 million worldwide, no doubt a really strong increase, bearing in mind that by 2018 it has reached 38 million.
The project will start operating sometime in 2020, and the company has made it perfectly clear that all the data collected from this project will not be available for sale, because all the information they collect from Google Play does not currently sell, but they use it to improve their products.