A Google bank account?
The internet giant said on Wednesday that it would partner with commercial banks and credit unions starting next year to allow users to manage mobile accounts through the Google Pay platform, in the tech giants’ latest step toward finance in the world. consumer.
“People do almost everything on their phones these days, but for many, the way they save, pay and connect with their bank has not changed,” said Caesar Sengupta, vice president of Google Payments.
“That is why we are working with trusted financial institutions to create Plex, a new mobile bank account integrated into Google Pay.”
Plex accounts for US consumers will be offered without monthly fees, overdraft fees or minimum balance requirements, according to Google, which said 11 banks and credit unions were participating.
Google, at the same time, said it was updating its Google Pay app to help users better organize payments to individuals and businesses.
“Rather than displaying a stack of cards or a long list of transactions, the new Google Pay app targets the friends and businesses you transact with the most,” Sengupta said.
The initiative comes with tech giants getting deeper into personal finance with person-to-person payments and co-branded credit cards.
Apple recently launched its own branded credit card with Goldman Sachs that integrates with its Apple Pay app. Amazon, which has its own brand name credit card, has discussed offering its own checking accounts but has not followed through on the plan.