Google scraps plans to manage people's bank accounts

Now the company is backing away from the project.

The Wall Street Journal earlier reported thatGoogle was abandoning the initiative.

The financial services sector has enticed many of the world’s largest tech companies, from Apple to Samsung.

The service offers daily cash back, a titanium physical card and no annual or late fees.

But Google’s retreat from banking underscores the difficulty Silicon Valley has had breaking into the market.

Efforts from other tech giants, like a push from Facebook into cryptocurrency, have stalled as well.