Google to integrate bank accounts in payments app

Google to integrate bank accounts in payments app”

Looking ahead, Google is working with financial institutions to create a mobile-first bank account dubbed Plex. Built-in tools allow for splitting expenses and calculating totals with another person, and the Google Pay app can be used to order food, buy gas, and more.

The new app also moves into Venmo territory by letting users send payments to others and enables contactless payments in stores. 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 . Once a user is signed in to Google Pay on one smartphone, the app will log out itself out from any other device the said user has signed in to.

'Our goal is to be the all-in-one app that gives users more value and control out of their money, ' said Caesar Sengupta, who oversees Google's payment initiatives. Pay has more than 150 million monthly users spanning 30 countries.

"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.

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Meanwhile, Google has confirmed that next year Americans will be able to use the app to open a Plex bank account, co-branded with one of 11 different partner lenders. Offered by banks and credit unions, Plex Accounts will support checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements. Those interested can join a waitlist in Google Play to be among the first to apply for account from Citi or SFCU.

"This collaboration gives us a platform to drive significant scale in our Retail Bank", said Citi's incoming Chief Executive Jane Fraser.

The US version of the Google Pay app on Android and iOS is getting a major design overhaul that makes it visually and functionally similar to the Indian version.

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