Google has found its next frontier, and it's banking.
Under a project dubbed Cache, Google will begin offering checking accounts to consumers next year, The Wall Street Journal reports.
The accounts will be run by Citigroup (C) - Get Citigroup Inc. Report and a credit union at Stanford University. Consumers who open bank accounts through Google would access them through Google Pay, the Mountain View, Calif., tech giant's digital wallet launched in 2015.
Google is not alone here. Other tech giants are pushing into the finance sector, with Facebook (FB) - Get Facebook, Inc. Class A Report developing a digital currency, Apple (AAPL) - Get Apple Inc. (AAPL) Report rolling out a credit card, and Amazon (AMZN) - Get Amazon.com, Inc. Report looking at getting into the bank-account business.
Google has not yet decided whether consumers who open bank accounts through the tech company will pay fees. That's a common practice in the banking sector, especially if balances run below certain levels, the paper noted