Google has some very intriguing plans for the financial industry. Rather than creating its own digital currency, the company is moving ahead with smart checking bank accounts through Google Pay.
Competition continues to heat up in the financial sector. Consumers deserve access to the products and services they need without much hassle.
Google Wants to Compete With Bitcoin
Google is intent on making that happen, following their partnership with Citigroup.
Both companies will introduced smart checking bank accounts through Google Pay.
The main purpose of this product is to combine Google’s analytic tools with traditional banking products.
This new service will aid more people to get financial things done digitally.
Unlike what some may expect, Google has no intention of selling the financial data of its users.
While that is a solid statement, it remains to be seen if things will effectively work out that way.
It was a matter of time until the technology giant decided to venture into the finance industry.
The company has to do something now that Apple has successfully begun rolling out is own credit card, with the help of Goldman Sachs.
Some people see this as a move by Google to kill off Bitcoin and other cryptocurrencies once and for all.
It is certainly true cryptocurrencies are not known for making it easy to get into, despite some efforts trying to alleviate those concerns.
At the same time, a lot of people need to strongly rethink this offer.
It is not advised to let Google have even more insights into their daily lives than the company already does today.