We got our first inklings late last year that Google was trying to get deeper into the financial world by partnering directly with the banks. Google today announces the launch of digital bank accounts in Google Pay, together with its first bank partners.
Eight US banks, including BBVA and BMO, revealed this morning that they are collaborating with Google to offer digital-first bank accounts directly via the Google Pay app. As explained by BBVA, the partner banks will handle the financial side of those accounts and “Google will provide the front-end, intuitive user experiences and financial insights.”
The Google Pay app will offer built-in budgeting tools and “financial insights,” exclusively for Google’s digital bank accounts, according to another partner bank BMO. Sadly, we also have to wait a little while, because these accounts and their exclusive Google Pay features will not launch until next year sometime.
Google’s vice president of Payments Ecosystems, Felix Lin, shared the excitement of starting those partnerships to offer our “new generation” better tools.
Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers. We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.
Google also sent us a statement explaining that the announcement today is an expansion to six new bank partners of their original ventures into Citi and SFCU digital bank accounts.
We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the US to offer digital bank 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. We are excited that six new banks have signed up to offer digital checking and savings. In addition to Citi and Stanford Federal Credit Union, we will also be working with Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU.
Interestingly, another recent rumor from Google Pay was that Google is planning to launch a branded debit card to be managed in the Google Pay app. So far, however, we have not received any confirmation that these digital bank accounts will have a special credit card branded with Google.
