With the new version of the app, users can “open bank accounts, pay friends and manage budgets,” CNBC reports, making Google now a direct competitor to traditional and digital banks alike.
Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements, according to Sengupta. Google is hoping to change that with Plex, its new mobile-first bank account integrated into Google Pay. “People do almost everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged,” he wrote. In a blog post dated November 18, Caesar Sengupta, general manager & VP of payments at Google, outlined the company’s plans. The rollout is being conducted as part of its partnership with Citi and Stanford Federal Credit Union. Google revealed Wednesday the launch of digital bank accounts via an updated version of its Google Pay app.
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