Google bank accounts added to its payment apps. Alphabet Inc.’s Google is shelving plans. it become the latest tech giant to dial back its ambitions for financial services.
For years, Google said it was working on adding bank accounts. From partners such as Citigroup Inc. And Bank of Montreal to its revamped app.
That’s for Google Pay users would be able to use the app to apply for Plex checking. And savings accounts from Google bank.
Google has looked to get deeper into the financial world by partnering directly with bank accounts. Today, Google and their first bank partners are announcing the arrival of digital accounts in Google Play.
This morning, 8 banks in the US, including BBVA and BMO. Have announced that they are partnering with Google to offer digital first accounts directly in the Google Pay app.
As explained by BBVA, the financial side of these accounts will manage by the partner banks. And Google will provide the front-end, intuitive user experiences, and financial insights.
Up to another partner bank BMO. The Google Pay app will offer built-in budgeting tools. And financial insights exclusive to Google’s digital bank accounts.
Unfortunately, we still have a bit of waiting to do. These accounts and their exclusive Google Pay features do not launch until sometime next year.
Google’s vice president of Payments Ecosystems, Felix Lin, shared the company’s excitement. It is to start these partnerships to offer better tools to our new generation.
Google was excited to work with BBVA USA to enable a digital experience. That is equitable for all. And meets the evolving needs of a new generation of clients. We believe that we can use our technology expertise to benefit users, banks, and the entire financial ecosystem.
Google also gave a statement explaining today’s announcement. It is an extension of their original ventures into digital accounts from Citi and SFCU, to six additional bank partners.
Interestingly, there is another recent Google Pay rumor. It was that Google would launch a branded debit card to manage in the Google Pay app. So far, though, we’ve not gotten any confirmation that these digital bank accounts will have a special Google-branded credit card.
Google has quit its plans to offer google bank accounts nearly two years after the announcement. Saying that it intends to focus on digital payment systems instead.
The project, dubbed Google Plex, has initially been scheduled to launch in 2020. And integrated into the redesigned Google Pay app, but it was delayed multiple times.
The company ultimately decided to pull the plug after a Google Pay executive who championed the project left in April. Sources told The Wall Street Journal, which first reported the move.