The U.S. consumer watchdog, not usually known to side with Wall Street lenders, has handed them a rare win by cracking down on Big Tech companies that are increasingly encroaching on banking turf.
At one point google did have a service with a physical card and since they were essentially a cash app where you had a digital wallet of funds held by google in app (they way you would if you were paid via paypal etc), they were in fact issuing cards and holding consumer money similarly to a bank.
I don’t recall the specific partner(s) off the top of my head but Google itself never issued cards or held customer deposits. Actual banks did.
I don’t recall the specific partner(s) off the top of my head but Google itself never issued cards or held customer deposits. Actual banks did.
Thank you! It’s been a long time in tech years and I couldn’t remember the details.