Even after the market for online financial services for everyday investors warmed up, Google decided to put the brakes on a plan to add mobile banking to its Pay app.
The company has completed work on its Plex project, but continues to look for different ways to integrate financial services, a spokesperson said, confirming a Wall Street Journal report. Plex would have allowed the Pay app to act as an interface for banks or credit unions. It would also allow users to access their savings and checking accounts.
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Responding to the AFP survey, a spokesperson said: “We are updating our approach to focus primarily on providing digital empowerment to banks and other financial service providers rather than relying on us. as a provider of these services “.
“We are convinced that this is the best way for Google to help consumers have better access to financial services.”
Last year, Google said it was working with nearly a dozen credit unions and banks, including Citigroup, for inclusion in its Plex project for its Pay mobile app available on Android smartphones. This app allows users to pay transactions, send money to friends, and store loyalty cards. There will also be many other benefits.