They are called GAFA. It is the acronym for Google, Apple, Facebook and Amazon, the four most famous and powerful companies among which the world is changing. They have a lot, but they want more; also money, the business of money. The banks are already taking note.
Google has announced that it will offer checking accounts and Facebook will include a tool that will allow you to make payments from your apps. In the case of the social network, it is the second step it takes, because it continues in its efforts to carry out Libra, its cryptocurrency.
The search engine company plans to start offering checking accounts next year, one more step in the commitment of technology giants for banking and financial services. The project, christened Cache, will be carried out in collaboration with Citigroup Bank and a credit union of the Stanford University of California, as the newspaper has advanced. The Wall Street Journal.
For Google, which already has a payment system known as Google Pay, the checking accounts offer access to a huge amount of user information, including the income and expenses of the clients, according to the New York economic newspaper.
Current accounts offer access to a huge amount of user information
Google will add to others large Silicon Valley companies that are trying to gain a foothold in the financial field, for now without much success. Apple, for example, presented a credit card last summer, while Facebook is working on a digital currency that is encountering obstacles from regulators.
Libra, the stable cryptocurrency project led by Facebook, is under scrutiny by regulators in several countries, such as the United States or also in the European Union. In fact, in recent weeks the Libra project has lost its four main partners in the payment segment: Visa, Mastercard, eBay and Stripe.
In that context, the company of Mark Zuckerberg has announced a new functionality within its family of applications called Facebook Pay, a payment gateway which will allow purchases, donations and transfers between individuals. Users of any of the Facebook applications will have to enter the data of a valid PayPal account or a debit or credit card.