In recent years Google has worked on , and their efforts seem to have paid off: Google Pay with a variety of new features to become much more than a wallet. A much more ambitious bet by the internet giant that includes the expected arrival of Google’s bank, under the name of Google Plex.
The new Google Pay will include person-to-person payments and personalized discounts
“Google Pay has simplified payments online, in physical stores and between friends. Now, more than 150 million people in 30 countries use Google Pay on a monthly basis”, Thus, Google has decided to take this important step to “facilitate the use of money, in a simple, safe and useful way”. The changes in Google Pay are already active in the United States on its mobile app for Android and iOS devices.
At the top of the new Google Pay you will find a new menu with three tabs:
- Pay: what includes person to person payments
- Explore: a place where Google will display personalized offers and discounts
- Insights: With which users will be able to connect their bank accounts to obtain a global view of their finances.
You can even turn on an option to allow Google Pay to track your Gmail inbox and email account to look up receipts and organize any type of payment. However, the biggest change to Google Pay is that in 2021 Google will partner with some banks to offer savings accounts commission-free and totally digital, a service called google-plex.
Google Plex: the new savings and debit account of the internet giant
Google that users of Google Plex will be able to manage your savings easilyand they can search expenses by categories, for example gasoline or food, by geographic location where did you make the purchase or per month.
At the top of the Google Plex home page the balance of both the accounts and cards associated with it will be displayed. There are quick actions that will allow you to make transfers, deposits, account details, block the card and manage the account, and the next screen will show the transactions carried out, organized by each of the two accounts.
Google Plex also offers the possibility of create customizable goals: the app presents a header image with different options to make the account much more manageable, for example, it includes an option to “round transfers” or to “repeat transfers”.
Plex includes digital operations and a physical card
Google ensures that these accounts will be Free opening, without minimum balances or commissions for the use of ATMs within the ATM network. Every Google Plex account will come with a debit card designed by Google which will include the new Pay branding and logo, as well as the associated bank icon in the bottom right corner.
For now, Google has partnered with US banks Citi and Stanford Credit Unionwhile it will soon have partnerships with nine more partners in the US. The first Google Plex accounts will arrive in 2021, however it is possible to sign up for a waiting list now, and over time Google Plex may expand to other markets.
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