Google is the latest big tech company venturing into the financial world.
The company has announced that it plans to offer checking accounts in 2020 through a project called ‘Cache’. Despite immediate concerns raised over privacy issues, Google says it won’t sell account holders’ financial data. Instead, the company plans to use data for loyalty programs.
“If we can help more people do more stuff in a digital way… it’s good for the internet and good for us,” Caesar Sengupta told the Wall Street Journal.
Other big tech companies are facing scrutiny for their plans in the financial world, like Facebook‘s cryptocurrency effort, Libra.
Read more about Google’s plans at The Wall Street Journal.