Google on Wednesday said that it would partner with commercial banks and credit unions starting next year to allow people to manage mobile-based accounts through the Google Pay platform.
“People do almost everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged,” Google Payments vice president Caesar Sengupta said.
“That’s why we’re working with trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay,” Sengupta said.
Photo: AFP
The Plex Accounts for US consumers would be offered with no monthly fees, overdraft charges or minimum balance requirements, Google said, adding that 11 banks and credit unions were participating.
Google at the same time said that it was updating its Google Pay app to help people better organize payments.
“Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focuses on the friends and businesses you transact with most frequently,” Sengupta said.
The initiative comes with tech giants moving deeper into personal finance with person-to-person payments and cobranded credit cards.
Apple Inc recently launched its own branded credit card with Goldman Sachs Group Inc that integrates into its Apple Pay application.
Amazon.com Inc, which has its own branded credit card, has discussed offering its own checking accounts, but has not followed through with the plan.
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