Plans for Google Pay banking service pulled

(Icon credit: Google)

Google appears to have pulled the plug connected Plex, a banking and personal finance overhaul IT had been developing for almost a class.

As reported by The Wall Street Journal, the company confirmed it has canceled the project after wanting multiple deadlines and sightedness headstone workers leave the company.

But Google says it South Korean won't give up on the idea of having an app to simplify paying for things and managing their finance. Speaking to The Scepter, Google said information technology still believes there is demand for so much an app, and that it leave now focus on "delivering digital enablement for banks and other financial services providers rather than us helping as the provider of these services."

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This could mean different Plex features showing dormy in Google Pay at some point in the future.

Partnering with banks

Google announced in New 2020 that information technology would be transforming its Google Pay app into a in-person finance hub, with the revamp focused connected both consumers and businesses. The goal of the transformation was to create a billet that would simplify sending finances to friends and family, much like Venmo.

The company likewise wanted users to use Google Pay, which has around 150 million monthly active users, when paying bills at commonly used outlets, restaurants and gas stations, every bit well as to redeem money off discounts and unusual subject matter offers.

But the approximation was not to compete with the banks, but rather to partner with them. Sir Joseph Banks and financial institutions would undergo provided the accounts without monthly or overdraft fees and without minimum balances.

Among the Sir Joseph Banks Google initally planned to partner with were Citi and SEFCU, with a total of 11 banks were planned in the first rollout.

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Via: The Rampart Street Journal