Google is entering mobile banking through a new partnership announced Monday with a total of eight US-based banks, including the US division of the Bank of Montreal (BMO) and BBVA. Bank accounts will exist entirely in Google Pay, and customers will be able to access verification of accounts processed digitally on the front by Google, while partner banks deal with infrastructure, FDIC insurance and other backup technologies.
It is currently unclear whether customers will have access to physical debit cards issued through Google or its affiliates, but the banking function is scheduled to launch sometime in 2021
“We have previously confirmed that we are exploring how we can partner with US banks and credit unions to offer digital bank accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while maintaining your money in an FDIC or NCUA-insured account, ”said a Google spokesman On the edge“We are pleased that six new banks have registered to offer digital verification and savings. In addition to the Federal Credit Union of Citi and Stanford, we will work with Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU. “