Google’s Plans to Provide Users with Bank Accounts Have Been Scrapped
Two years after the company unveiled its banking plans and a few months after the project’s leading executive resigned, its banking plans have changed.
According to the Wall Street Journal, the project was forced to fold due to a succession of missed deadlines and the departure of the Google Pay executive in charge of the project. According to CNBC, a Google spokesperson acknowledged the allegation but declined to comment on the impact of the executive’s departure.
Key takeaways:
- In cooperation with Citigroup and Stanford Federal Credit Union, Google announced in 2020 that customers would open a bank account using its Google Pay app starting in 2021.
- As with other industries such as media and advertising, banks have expressed concern that digital companies may take over consumer finance, but the threat has yet to materialize.
- Financial services have also become a central emphasis area for Google’s cloud division.
Read more: https://www.cnbc.com/2021/10/01/google-abandons-plans-to-offer-plex-bank-accounts-to-users.html