Google needs to be your new financial institution – Engadget

Google is promising that it will not likely market account holders’ financial knowledge. Instead, this is meant to increase price for shoppers, stores and the financial institutions on their own with companies like loyalty plans. In a chat with the Wall Street Journal, the company’s Caesar Sengupta also touted it as a way to further more digitize the banking world. “If we can assistance much more men and women do far more stuff in a electronic way… it is really great for the online and good for us,” he mentioned.

Whether or not officials see it the exact same way is a different story. Banking accounts include things like extremely delicate info by their incredibly mother nature, and governments will want assurances that Google isn’t really snooping on that knowledge, exposing it to safety hazards or abusing it to maintain its world wide web dominance. Rivals like Fb are previously facing scrutiny for their money strategies — Google might come across extra of the exact same. Merge that with ongoing antitrust investigations and Google might have to go out of its way to establish that its checking accounts will assistance far more than they harm.

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