Google is foraying into digital banking services in the United States. The tech giant will offer digital checking and savings accounts to Google Pay users starting next year.

It has brought on board six new banks for this offering.

“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the US to offer digital bank 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,” a Google spokesperson said in a statement to TechCrunch. “We are excited that six new banks have signed up to offer digital checking and savings.”

The news of the search giant delving further into fintech had been reported by The Wall Street Journal in November 2019.

It had reported that Google was working on to check accounts to consumers under its project ‘Cache.’

The company had then said that it was exploring partnerships with banks and credit unions in terms of offering smart checking accounts to consumers through Google Pay.

The tech giant will now provide front-end banking services to consumers, while the accounts will be held by the FDIC-backed partner institutions. It is more of a co-branded experience unlike other mobile banking startups, accordion to the TechCrunch report.

The exact time of the launch has not been announced yet.

According to WSJ, Google Pay is on track to clock 100 million global users this year.

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