In the past, tech companies like Apple and Google mostly dabbled in tech-related products in the form of hardware and software, but in recent times, it seems that these companies are starting to move towards financial services. With Apple, we saw the launch of Apple Pay and later the Apple Card, and now it looks like Google wants to make a similar transition as well.
However, instead of offering a Google credit card, what Google wants to do is offer its customers personal checking accounts, essentially transforming themselves into a pseudo bank of sorts. Dubbed “Cache”, this is a project that the company is planning on launching next year, where they will be partnering with various banks and credit unions to get this service off the ground.
Unlike Apple, whose Apple Card is clearly presented as an Apple product that is backed by Goldman Sachs, Google’s approach will be slightly different. Instead, the company will put its financial institution partners in the front-and-center of things. It is an interesting approach and it’s not completely unlike Google.
Previously, Google attempted to take on carriers by launching its own Google Fi MVNO service that piggybacked off telcos such as Sprint and T-Mobile. It will be interesting to see if customers will take Google up on their upcoming service, so we’ll just have to wait until 2020 (at the earliest) to find out.