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Okay Google, you're becoming a bank

The beating heart of Paypa Plane and shares her passion as a Payments Evangelist.

January 10, 2024
Fintech News

Not an unsurprising move given the foreshadowing that has been happening amongst the big techies (not to mention constant speculation about the impending move). If I was an incumbent bank would I, with a crowd of my fellows, be at Panic Station today waiting for the 'end of an era train'? No... if I were Revolut or Monzo Bank who have just started pushing hard into the US would I be worried? I would certainly be apprehensive.

If I were Paypal or Venmo though... well I think I would be sweating a little.

This type of carry-on will upset the applecart in industries beyond the direct business of deposit-taking - if Google plays their (debit) cards right.  Mind you, being a bank is a little different to almost anything else... so time will tell.

Oh and well done Citi Bank! I can only imagine that Westpac with their recent 10x Future Technologies investment will have a partnership like this on their Christmas wishlist for that new BaaS arm of the business!

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A great image to help paint the picture
A great image to help paint the picture
A great image to help paint the picture