Google has partnered with eight banks, including BBVA, to offer digital accounts to Google Pay users in the US.
The internet company revealed late last year that it would partner with bank accounts and credit unions to launch a digital account. Along with BBVA, Google has also partnered with Bank Mobile, BMO Harris, Coastal Community Bank, First Independence Bank and SEFCU.
Citi and SFCU were already signed up to the project, taking Google’s total number of banking partners to eight.
According to BBVA, the co-branded digital account will launch in 2021. It will be offered via Google Pay and built on top of each banking partner’s existing infrastructure. The internet company will provide the front-end, intuitive user experiences and financial insights.
Felix Lin, vice president of payments ecosystems at Google, said: “Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers.”
“We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
Javier Rodríguez Soler (pictured), president and chief executive officer at BBVA USA, said: “BBVA has focused for decades on how it could use digital to advance the financial industry, and in so doing, create more and better opportunities for customers to manage their financial health.”
“Collaborations with companies like Google represent the future of banking. Consumers end up the true winners when finance and big tech work together for their benefit.”
Google isn’t the only Silicon Valley technology company that’s moving into financial services.
Most notably, Apple partnered with Goldman Sachs last year to launch Apple Card, a credit card that carries no fees, offers daily cash back, and integrates with Apple’s mobile devices.