Today, Wednesday, Google announced a new step that allows it to delve deeper into the field of consumer finance, and to compete with popular services in this field, such as: (Venmo).
The US technology giant said: It will allow users to open bank accounts, pay money to friends, and manage budgets through the new version of the Google Pay application.
Google has partnered with Citi and Stanford Federal Credit Union to launch a mobile banking account service, and said: It plans to partner with 11 other institutions next year.
The company explained that the application (Google Pay) will also allow users to exchange payments between users, a feature that made the application (Venmo) and (Cash) Cash from the company (Square) familiar names with the service (PayPal) as people switch to payments Digital during the COVID-19 pandemic.
Google’s announcement is seen as the latest step in the world of financing from major tech companies, as rival Apple earlier launched its iPhone-integrated credit card with Goldman Sachs Bank last year. Facebook allows users to make payments via Messenger in a number of markets.
It is reported that there are no monthly fees, overdraft fees or minimum balance requirements in Plex Google checking and savings accounts. Users can also request a physical debit card, and the card will be operated via the Mastercard network. The Wall Street Journal reported that the partnership was under preparation last year.
It seems that the new version of the application (Google Pay) borrows some features from other popular Google products, as users can link the service (Google Images) to search receipts, and link the e-mail service (Gmail) to see bills and subscriptions. It displays spending summaries and trends over time. And users also get rewards and offers based on their transaction information.