Search giant Google will be offering bank accounts to customers from next year.

According to the Wall Street Journal, Google will be offering the “smart checking accounts” through a partnership with Citigroup.

Users will be able to link their accounts to their Google Pay digital wallets, and will be given access to budgeting tools and direct deposit options.

Talking to CNBC, a Google spokesman said:

“We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account,

“We look forward to sharing more details in the coming months.”

Google and Apple, who between them dominate the global mobile device market with their respective Android and iOS operating systems, are trying to make payments as seamless as possible by linking consumer finance products directly to digital wallets embedded in devices, in order to gain dominance in mobile finance.

AYO.NEWS says:

It was going to happen eventually, but will undoubtably attract a lot of flak from those worried about privacy and big corporations gaining too much control. Although, because Google is offering the accounts through partnerships with traditional banks, its unlikely to generate the kind of controversy Facebook’s Libra stablecoin project has.

Though the initial Google accounts will be available in the U.S. only, we expect they will roll out across other markets if they prove successful.

Staying with digital banking services, just yesterday AYO.NEWS reported UK-based mobile banking platform Revolut is planning to raise at least $500 million next year to fund ambitious global expansion (read more).

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.