They call them GAFA. It is the acronym for Google, Apple, Facebook and Amazon, the four most famous and powerful companies among which are changing the world. They have a lot of power, but they want more; they also want money, the business of money. The banks are already taking note.
Google has announced that it will offer checking accounts and Facebook will include a tool that will allow you to make payments from your apps. In the case of the social network is the second step it takes, because it continues in its efforts to move forward Libra, its crypto currency.
The search engine company plans to start offering banking accounts next year, one more step in the bet of technological giants for financial services. The project, named Cache, will be carried out in collaboration with the Citigroup bank and with a credit cooperative of the Californian university of Stanford, according to The Wall Street Journal.
For Google, which already has a payment system known as Google Pay, banking accounts offer access to an enormous amount of user information, including the income and expenses of customers, according to the New York business newspaper.
Google will thus join other large companies in Silicon Valley that are trying to make room in the financial sphere, for now without much success. Apple, for example, introduced a credit card last summer, while Facebook is working on a digital currency that is being hampered by regulators.
Libra, the stable crypto currency project led by Facebook, is under scrutiny by regulators in several countries, such as the United States or also in the European Union. In fact, in recent weeks the Libra project has lost its four main partners in the payments segment: Visa, Mastercard, eBay and Stripe.
In that context, Mark Zuckerberg’s company has announced a new feature within its family of applications called Facebook Pay, a payment gateway that will allow purchases, donations and transfers between individuals. Users of any of the Facebook applications will have to enter a valid PayPal account, debit or credit card.