Google might be planning a move into banking

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According to a report from The Wall Street Journal, Google is currently working on a project, code-named Cache, which will see it move beyond payments and into the banking space. VP of product management at Google, Caesar Sengupta explained that the company does not intend to sell customers’ data but instead it wants to help users handle more of their finances online, saying: “If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us.” Google isn’t the only tech giant to look into this move, with Apple recently launching its Apple Card through a partnership with Goldman Sachs and Amazon reportedly in talks with JP Morgan Chase to create a checking account for its customers.

While details surrounding Google’s move into banking are still scarce at the moment, expect the company to say more as we get closer to the official reveal.