Google was the very first service that integrated mobile payments with bank-less funds, peer-to-peer transactions, as well as a plastic debit card with the trustworthiness of 3 years. Google Pay was launched which had the elements of Android Pay and Google Wallet all combined together. What used to be an easy payment mode, has now turned into something rather significant. And Google Pay is still expanding its offerings beyond the original ideology of peer-to-peer deals.
Formerly this year, Google had in fact announced that they are checking out new ways to partner with banks and cooperative credit unions in the United States to provide the consumers wise digital tracking and saving accounts through Google Pay. This effort will supply handy insights and budgeting tools to these consumers, and their money will be protected in an FDIC or NCUA-insured accounts.
At that time, just Citi and Stanford Federal Credit Union were partnering with Google Pay, now, 6 more banks have actually wound up being partners with Google Pay that will let new customers have accounts at their organizations through Google Pay.
These new banks that are now coordinating with Google Pay consist of Bank Mobile, a subsidiary of Pennsylvania-based Consumers Bank, BBVA U.S.A. (previously BBVA Compass) in Alabama, BMO Harris in Chicago, Coastal Community Bank in Washington, First Self-reliance Bank in Michigan and SEFCU in New York City.
All these 8 banks in general will offer the transactional infrastructure and financial support to the consumers of the U.S.A., while the Google Pay app will supply the front-end experience and helpful insights to these clients. As explained above, their accounts will be safely insured by the FIDC or NCUA, and this service is most likely to start someplace in 2021.
In the times of consumption-driven financial structure of the world, purchases are not as crucial and trivial as the information about those purchases are. Now, Google is not a saint, and it can use the user information and information that it would acquire from the monetary services that it offers to its customers. The majority of these clients beware about their privacy and will just use the services used by Google if there are some added benefits like the typical banking features consisting of totally free ATM gain access to and cashback. This is why checking and conserving accounts are required for Google to supply its customers with something more useful.
At the minute, there is a range of multi-culture and populations represented by these banks partnering with Google Pay- possibly in the dream to provide variety to the users and get their trust.
Let us see how it all ends up ultimately for Google Pay and its users.