It is not just Facebook and Apple making an entry into the financial realm. Google has disclosed plans to provide checking accounts next year via a project dubbed as Cache. The search behemoth will not manage the actual underpinnings—a Stanford University credit union and Citigroup will both manage the accounts and sport the most outstanding branding. There will still be incorporation between the accounts and Google, however, and some of it may lift issues amongst watchdogs.
Google is committing that it will not sell financial data of account holders. Rather, this is meant to include value for shops, customers, and the banks themselves with services such as loyalty programs. In an interview with the media, the firm’s Caesar Sengupta also marketed it as a method to additionally digitize the banking realm. “If we can assist more users do more things in a digital manner, it is good for us and good for the internet,” he claimed.
Whether or not executives witness it the same manner is different story. Banking accounts comprise very sensitive data by their very nature, and governments will need guarantees that Google is not snooping on that info, exploring it to security dangers or misusing it to preserve its web dominance. Rivals such as Facebook are already encountering probe for their financial plans—Google may face more of the similar reason. Mix that with current antitrust probes and Google might have to go out of its way to show that its checking accounts will assist more versus they hurt.
On a related note, Venezuela might not just be unitizing its own cryptocurrency to avoid the consequences of global approval. Media sources claim that the central bank of the country is experimenting with the likelihood of keeping hold of cryptocurrencies to help Petroleos de Venezuela—the state-managed oil firm.