Recently, Google announced that it would partner with credit unions and commercial banks commencing from 2021 so that users can manage their mobile-based accounts via its Pay platform.
This is the latest development by the Alphabet-owned company. Speaking on the latest move, Caesar Sengupta, vice president of Google Payments, said it was necessary for Google to integrate the process for consumer finance.
“People do almost everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged,”
Caesar explained that Google is currently working with reliable financial institutions to develop Plex, its recent mobile bank account that will be integrated with Google Pay.
Google said this new Plex account will serve US consumers at no fee while confirming that 11 credit unions and banks would be participating.
Similarly, Google has said it is also updating its Google Pay app for users to have a feel of a better payment system.
“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,” Caeser added
Caeser said that this recent development comes with trying to get deeper into personalized finance with a co-branded credit card and one-on-one payment.
In another recent development, Apple launched its version of customized credit cards with Goldman Sachs, a development which saw the integration into its Pay application.
Meanwhile, Amazon has also developed its own branded credit card, coming up with its own method of checking accounts, however, the company has not followed up with its development.
Featured Image: gsmarena
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.