Google Pay adds six new partners to its digital banking platform

Google Pay has announced a partnership with six new financial institutions to launch a full digital banking service for its users in the United States starting in 2021.

The new partners

According to the announcement, the new partners include Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU. These six institutions would join those already collaborating with Google Pay, Citi and SFCU, resulting in a total of eight banks working on the digital banking project.

Bank accounts will be developed entirely within Google Pay, users will be able to access digitally managed checking accounts from the Google front-end while partner banks manage infrastructure, FDIC insurance and other back-end technologies.

A Google spokesperson said in a statement that Google Pay had previously explored partnering with banks and unions in the United States to offer digital bank accounts.

“We are thrilled that six new banks have signed up to offer checks and support for digital savings. Our clients would benefit from helpful insights and budget tools by keeping their money in an FDIC or NCUA insured account "

Google Pay intends to add new financial institutions

Google Pay also revealed that it plans to add more financial institutions to the digital bank project, which inevitably means that the current total of eight financial institutions could increase further before the service starts in 2021.

BBVA USA CEO Rodriguez Soler noted in his statement that BBVA has previously focused for decades on how to use digital to advance the financial sector and, in so doing, create more and better opportunities for clients to manage their financial health.

Partnerships with companies like Google represent the future of the banking sector. Consumers end up becoming the real winners when finance and big technology work together to their advantage.

Google Pay growing

Google Pay has seen strong growth and benefits from important support from institutions. It is ever expanding among financial institutions, and this is the case both in the United States and in the rest of the world.

It is also important to note that Google Pay is working on a legally binding framework to make adtech media giant companies able to monetize their content as it is posted on their social pages or, otherwise, collected and monetized on specially developed sites. . The project therefore goes beyond the objectives of digital banking.

One of the global giants of the digital payments sector, which in Italy is currently also a credit institution, is PayPal (NASDAQ: PYPL). At the time of going to press, the PayPal shares have a price of 169,9 EUR (+ 2,83%).