NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, December 2, 2019

The recent news that Google is partnering with Citigroup and the Stanford University Credit Union to launch Cache, a mobile payments service could be a game-changer for the financial technology sector.

The service will offer smart checking accounts through Google Pay.Cache is expected to be launched as early as next year. It is the latest deal from Silicon Valley in recent months as tech giants venture further into personal payment services.Before Google’s pronouncement, Facebook had announced the rollout of Facebook Pay in the US market.The social media giant said the service will provide users with convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp.