Google is now stepping into the world of banking. They will be introducing “Plex,” their Mastercard Debit Card, in the coming new year.
What We Know:
- Google has partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts and said it plans to add eleven new partner institutions next year. Similar to Cashapp, Venmo, and Apple Pay, users will be able to send digital payments to others, which is becoming the norm during the pandemic. In addition to that, they will be able to split checks and make orders from stores. The app will also allow users to pay for parking meters in 400 cities or buy gas from Shell, ExxonMobil, and other gas stations at certain locations. Another advantage of Plex is that it will act as a hub for loyalty programs and deals, with offers from businesses including Burger King and Sweetgreen.
- The new version of the app will have three new tabs: “Pay,” which includes peer-to-peer payments as well as your transaction history using tap-to-pay; “Explore,” which will be a place where Google will offer deals and discounts; and finally, “Insights,” which will allow you to connect your bank accounts to get a searchable overview of your finances. According to IBTimes, the app will use artificial intelligence to make it easier to search through purchases. In addition, Google will also send spending reports and other data to help users with budgeting.
- In the upcoming year, Google will continue to expand further and partner with some banks to directly offer fully online checking and savings accounts inside Google Pay, called “Plex.” The service will have no monthly fees, overdraft charges, or minimum balance requirements. Users can also request a physical debit card, which will run on Mastercard’s network. The Wall Street Journal reported that the partnership was in the works last year.
- According to a statement on USA Today, with Google Pay, “when you pay friends, it stays private just between you,” Google said. “Google Pay does not sell your transaction history to third parties or share it with the rest of Google for targeting ads.” Google is already known for making its money from advertising and marketing, so this is an alternative switch. At the same time, Google would check your transaction history to see what products you’ve been buying and where you shop. But to make people more comfortable, it says monitoring your Google spending will be an opt-in choice.
This new feature will be ready for release in January of 2021. Google is inviting people to register for a waitlist to join.
