On Monday, Google announced that it would expand its digital banking network with six U.S. banks, the financial app said. From next year, Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU will be able to provide digital checking and savings accounts to Google paying users in the US.
BBVA says working with companies such as Google represents the future of banking. Consumers are the real winners when the financial industry and big technology companies work together for their own benefit.
A Google spokesman confirmed that the company is “working with U.S. banks and credit unions to provide digital bank accounts through Google Pay to help their customers benefit from useful insights and budgeting tools, while depositing funds into FDIC or ncua insurance accounts.” “
Sources said the tech giant was also developing physical and virtual debit cards that would be linked to financial services companies, but details have not been disclosed.