Google overhauls Pay app and introduces digital Plex bank accounts in US
Google is renewing its Pay app. The app will include a group function that makes it possible to send payment requests to several people. The app is not yet available in the Netherlands. The company is also coming out with digital bank accounts in the US.
Google reports, among other things, that the new Pay app is divided into ‘relationships’. In the current app, a list of transactions is shown, but in the new app, the home screen contains an overview of friends and companies with which users most often complete transactions. This makes it easier for users to transfer money to those friends or companies, according to Google.
Google Pay
Image via Google
Users can create a kind of group calls in the new app in the new Pay app, and then send a payment request to all members of such a group. Google cites a restaurant bill as an example. Among other things, the app would help calculate the amount each group member owes.
In addition, the renewed app will have an Explore page, in which digital coupons and rewards , among other things, are displayed. The offers shown here can optionally be determined by an algorithm according to Google. Google reports that this function is opt-in and that the resulting data will not be shared with third parties. Furthermore, the app can automatically categorize transactions. For example, users can use search terms like ‘food’ or ‘last month’ to find relevant transactions.
Earlier this week, Google released a limited version of its Pay service in the Netherlands. This allows customers of various smaller banks to add their card to Google Pay and thus make contactless payments with the telephone in shops and online stores. The current Google Pay app was therefore not yet available in the Netherlands. For the time being, the updated app is also not yet available in the Netherlands.
The company also announced ‘Plex by Google Pay’. This is a ‘ digital-first ‘ bank account, which will be integrated into the new Pay app. Plex accounts will be offered by several US banks from 2021, including Citi. That bank already showed a preview of its plans regarding Plex. It was previously announced that Google is working on physical bank cards in the US. Physical debit cards are also part of the Plex accounts, according to Google, although the focus is on digital transactions.
