Google redesigns Pay app, opens waitlist for bank accounts with Citi

Alonzo Simpson
November 19, 2020

Lastly, Insights will allow users to connect back accounts to get a searchable overview of your finances.

The new version of Pay, which has been available in India for a while now, has a similar interface to Google's Tez.

Google this week introduced major changes to its Pay app, transforming it from a simple tap-to-pay platform to complete financial service.

The new Google Pay will also be able to help users make better personal finance choices, the company claimed. But now users can transact with groups of people, search transactions, view analytics and explore cashback offers from merchants including Burger King and Target Corp TGT.N .

Whether you're stuck at home for the holidays or traveling to visit relatives, use Google pay to order food from more than 100,000 restaurants, buy gas at some 30,000 stations, and pay for parking in 400-plus cities.

This will allow users to open digital accounts on GPay, which Google called a "new mobile-first bank account integrated into Google Pay".

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Google will receive a distribution fee for those promotions, opening a small new line of revenue for the advertising giant.

"People do nearly everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged", said Caesar Sengupta, vice president of Google Payments.

The Plex Accounts for USA consumers will be offered with no monthly fees, overdraft charges or minimum balance requirements, according to Google, which said 11 banks and credit unions were participating.

Alibaba Group BABA.N , Apple Inc AAPL.O , Samsung Electronics Co 005930.KS and PayPal Holdings Inc PYPL.O also offer mobile wallets aiming to be hubs for shopping and banking, with the companies battling over security and other features. Users can also allow Google to use their transaction history to create a more personalized Google Pay experience, though the feature is optional. Those interested can join a waitlist in Google Play to be among the first to apply for account from Citi or SFCU.

The newest Plex partners include Green Dot Corp GDOT.N , Seattle Bank [SAVIN.UL] and The Harbor Bank of Maryland.

Sengupta said one goal was 'to gamify saving and make it a lot more fun'.

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