Google checking accounts may give US banks an edge in deposit wars

With the Google partnership, Selva is leaning on a playbook he learned in Asia, where Citigroup has forged partnerships with consumer companies including Paytm, India’s largest payments platform, and Grab, the ride-hailing app in South-East Asia. — AFP

Google’s new checking account service could help banks in their battle for consumer deposits.

The technology giant said last week it’s exploring how it can partner with banks to offer checking accounts through its Google Pay app. Citigroup Inc and a California credit union signed on as initial partners for the effort – a move that could help them pick up extra customers as the industry contends with slowing growth in deposits.