Google will let users open a bank account through its Google Pay app, in a partnership with Citi and Stanford Federal Credit Union beginning next year.
The tech giant is relaunching the payments app to allow people to pay friends, similar to PayPal’s popular Venmo and Square’s Cash App.
“It’s going to have a broad appeal, but especially among the younger population, Gen Z, that are more tech-driven and mobile-focused,” says Anand Selva, CEO of U.S. consumer banking at Citi.