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Google Pay will offer checking accounts in 2020

[2019.11.14, Thu 02:05] Alphabet's Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app in partnership with Citigroup and a small credit union at Stanford University. "We're exploring how we can partner with banks and credit unions in the U.S. to offer smart checking 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," Ewer said in a statement, referring by acronym to two U.S. agencies that insure deposits. Leaning on the regulatory and financial know-how of banks could allow Google to proceed without engaging much with bank regulators. Google's biggest success in financial services has been in India, where it has over 67 million monthly users for Google Pay, which is used to digitally pay for groceries, Uber rides, and other transactions. Though still behind Indian rivals, the Google Pay app's popularity in India has overshadowed its usage in the United States and other countries, where it can be used for cashless payments in stores and money transfers. The move has given Sengupta oversight of several thousand workers worldwide, including those who maintain tools to help Google charge its advertisers and app store users. Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already.
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