Google confirmed that it is working on a new mobile payment product that would work with a new checking account product that has been in development since late 2019.
“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,” Chaiti Sen, a spokesperson for Google, told Mobile Payments Today via email. “Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months.”
Google originally disclosed plans in November 2019 to enter the banking space with checking accounts in partnership with Citi and Stanford Federal.
The partnerships would help position Google against rival mobile wallet provider Apple, which launched Apple Card last year in a partnership with Goldman Sachs.
TechCrunch originally reported the news this afternoon that Google was working on physical and virtual debit cards with Citi and Stanford as part of its new checking account product.
“As we said (last) year, we are pleased to explore providing checking accounts nationwide through Google Pay,” Citi spokesperson Elizabeth Fogarty said via email.
She said Citi could not comment beyond that.
David Jones is a veteran business and technology journalist, with three decades of experience writing about business travel, real estate and technology.
Since 2015 he covered a range of technology stories for the ECT News Network, which includes the E-Commerce Times, TechNewsWorld, LinuxInsider and CRM Buyer, writing about cybersecurity, artificial intelligence, machine learning, open source computing and privacy issues among others,. He recently covered FinTech issues for PYMNTS.com.
He worked as a staff writer for Bloomberg Business News and an online reporter for Crain’s New York Business. He has written for numerous media organizations, including Reuters, The New York Times, The Real Deal, Continental, City Limits and The Nation.
He was previously awarded the George Washington Williams Fellowship for Journalists of Color by the Independent Press Association.