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Google Pay gets major overhaul

Google Pay gets major overhaul

The Google Pay app has been given a makeover, growing from a simple payments tool to a full-blown financial management service and, from early next year, a gateway to a full bank account.

Available now in the US, the redesigned Google Pay Android and iOS apps focuses less on the user's cards than their relationships with friends and businesses.

Americans can make P2P, contactless and e-commerce payments, see past transactions, and find offers and loyalty info in a UI built around conversations.

For example, if a user needs to split dinner, rent or other expenses with more than one person, they can create a group, split the bill, and keep track of who’s paid in a single place.

The app can also understand and automatically organise spending - enabling users to search for “food,” “last month,” or “Mexican restaurants” to find the relevant transactions.

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.

Citi has shared a sneak preview of the Citi Plex Account1, with a consumer waitlist opening today.

Jane Fraser, Citi president and CEO, global consumer banking, says: “This collaboration gives us a platform to drive significant scale in our retail bank. By unlocking the power of our respective ecosystems, we can deepen our existing relationships and serve an exponentially larger and new generation of customers.”

Caesar Sengupta, general manager, payments at Google, says: “Citi customers using Plex Accounts will be able to open their accounts right within the Google Pay app and tap into all its features to save, send, spend and stay on top of their finances.”

Digital payments will be discussed in depth at EBAday 2020. For delegate passes, register now and join leaders from across Europe's payments ecosystem as EBAday addresses 'The Turning Point in Payments Transformation'.

Comments: (5)

Joseph Ukpong
Joseph Ukpong - Seedvest Limited - Lagos 19 November, 2020, 06:55Be the first to give this comment the thumbs up 0 likes

This is a major disruption in the banking and financial services sector. Traditional banks need to wake up, up their game, consolidate and transform very quickly to be able to confront the "proverbial sleeping giant(s)" that are now fully awake. #antgroup #google #facebook

 

Roy Froud
Roy Froud - Fintech & AI - Uk 19 November, 2020, 08:24Be the first to give this comment the thumbs up 0 likes

The disruptive pattern continues. Will established banks stand by and watch the tech firms eat their lunch? 

Simon Farmilo
Simon Farmilo - Farmilo Agency - London 19 November, 2020, 10:42Be the first to give this comment the thumbs up 0 likes

An exciting move by Google to watch. Will see this move from open finance (existing Plaid partnership) to BaaS in 2021.
Apparently 6 banks are already lining up to offer the underlying bank accounts (which will be white-labelled as Google's Plex account), including Citi Bank.

A Finextra member
A Finextra member 19 November, 2020, 16:312 likes 2 likes

Nothing disruptive whatsoever... all those capabilities existed in the market for a while... not sure what the fuss is about.

A Finextra member
A Finextra member 24 November, 2020, 12:21Be the first to give this comment the thumbs up 0 likes

So then, in the above example, Google will harvest data on who my friends are, where we eat. how much we pay.

That's a hard pass from me!

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