Business

Google Pay closes deal with six more partners for its digital banking

Google and partners backed accounts are expected to launch somewhere in 2021

With its eyes set on Brazil, Google Pay will now accept payments through debit card in the country
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  • Besides digital banking services with partner institutions holding accounts, Google will give partners a co-branded experience;
  • The big tech currently operates under Google Pay digital payments service and Google Wallet but may launch these new accounts next year.

Google announced it is partnering with six more banks to offer a digital checking and savings accounts to Google Pay for users in the US, starting next year, according to TechCrunch.

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Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU are the ones which will join efforts with Citi and SFCU, that already were Google’s partners. According to TechCrunch, besides digital banking services with partner institutions holding accounts, Google will give partners a co-branded experience, because since it works with a range of partners from large, global banks down to smaller credit unions with deep community ties, it will able to better build products to meet its diversely consumers’ needs.

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The big tech currently operates under Google Pay digital payments service and Google Wallet, to serve its customers’ financial needs. Furthermore, it plans to draw on data to offer customers financial insights and other budgeting tools, says TechCrunch. Google and partners backed accounts are expected to launch somewhere in 2021.