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Plans for Google Pay banking service withdrawn

Google appears to have unplugged Plex, a banking and personal finance service it had been developing for nearly a year.

As reported by The Wall Street Journal, the company confirmed that it canceled the project after missing several deadlines and seeing key workers leave the company.

But Google says it won’t give up on having an app to make paying for things and managing their finances easier. Talk to The edge, Google said it still believes there is a demand for such an app and will now focus on “providing digital empowerment to banks and other financial service providers rather than serving us as a as a provider of these services “.

This could mean that different Plex features appear in Google Pay at some point in the future.

Partnership with banks

Google announced in late 2020 that it would turn its Google Pay app into a personal finance center, with the redesign focusing on both consumers and businesses. The goal of the transformation was to create a place that would make it easier to send money to friends and family, much like Venmo.

The company also wanted users to use Google Pay, which has around 150 million monthly active users, to pay their bills at commonly used outlets, restaurants and gas stations, as well as to redeem money. money on discounts and other promotional offers.

But the idea was not to compete with the banks, but rather to partner with them. Banks and financial institutions reportedly provided the accounts with no monthly or overdraft fees and no minimum balance.

Among the banks that Google initially planned to partner with were Citi and SEFCU, with a total of 11 banks planned during the initial rollout.

Via: The Wall Street Journal

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