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Google To Launch Bank Accounts

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Google is planning to enter banking industry by offering checking accounts to consumers next year, the Wall Street Journal reported.

The search giant will partner with Citigroup Inc. and a small credit union at Stanford University to run checking accounts within its Google Pay app. The project, named Cache, will be launched next year.

A checking account is a deposit account held with a bank or any financial institution, that permits deposits and withdrawals.

Though checking accounts contain valuable data about consumer spending and about how much people earn, Google will not sell these data to advertisers, reports said. Google is also not using Google Pay data at present for advertising purposes.

With its latest offering, Google will be joining with other big corporates including Apple Inc. and Amazon. Apple Inc. introduced a credit card, the Apple Card, earlier this year in partnership with Goldman Sachs, while Amazon is reportedly in talks with banks about offering checking accounts.

Facebook very recently launched its new payment platform called 'Facebook Pay' in the U.S. It can be used to make payments across Facebook apps for shopping, donation, and sending money.

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