Google, the world's largest internet service provider, has launched a new financial service called Plex, which is integrated with Google Pay so users can manage their bank accounts and much more securely.
For years, Google has offered its users an online electronic payment service, through which payments can be processed securely between multiple users. This service is known as Google Pay, and was launched in 2018 as a service that integrated all of Google's payment functions, including Google Wallet and Android Pay, to make it easier for users to send money and make online transactions.
Now, the Internet giant is entering a rapidly growing industry: FinTech. Google is betting big on offering full financial services, and has announced the integration of its new service Google Plex, the evolution of Google Pay.
Google Plex, the new Google service, is presented as a solution to meet the growing needs of today's society, which now more than ever simplifies its daily life through smartphones and digital platforms. This new service, which will be available in the United States starting in 2021, will give users the possibility of creating and connecting their own bank accounts to manage their funds and finances more quickly and effectively, in partnership with a total of 11 banking and financial entities in the country.
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Google Plex, more than a paid service
Digitalisation is leading large companies and multinationals to completely redesign their services and offer a new range of innovative and practical products that add value to society, in order to stay at the forefront of today's accelerated technological development and remain relevant in a constantly evolving world.
Thus, Google is joining forces with several renowned banking and financial entities, such as Citi Bank, Stanford Federal Credit Union y visa, to optimize its services, integrating new financial technologies that allow it to offer innovative products for its clients and users. Google Plex will allow users to have access to Own, digital, free and commission-free bank accounts, from which they can manage their savings and pay their bills efficiently, with innovative services such as classifying expenses by category, bill payment, and many other functions.
Source: Google
From this service, which will function as a digital bank, users will be able to view their bank accounts to have a global view of their finances, as well as make and receive transactions and check the history of all movements made, pay bills, see personalized offers and discounts from the platform, associate and manage debit and/or credit cards, and more. Therefore, the evolution of Google Pay becomes more than a platform for making electronic payments, and becomes a complete mobile bank, from which users can manage their funds and savings completely.
High competition in the market
Google Payments Vice President, Cesar Sengupta, stated that this company's initiative is driven by the high competition that exists in the market, where important technological players, such as Apple and Amazon, launch innovative products that allow users to manage their personal finances in a simple and secure way, in addition to also offering credit cards that simplify the completion of many operations.
“That’s why we’re working with trusted financial institutions to create Plex, a new mobile banking account built on Google Pay.”
The rapid growth of the digital financial services industry is also driven by the acceptance and demand for these services in society, so Google has taken on the task of quickly adapting to this evolution and meeting the demands and needs of its users and customers. Google Plex services are aimed at effectively simplifying the way its users manage their personal finances, but also at offering innovative services to businesses and companies.
Free digital accounts with debit card included
Google's new financial services will provide users with a physical debit card when opening a bank account on Google Plex.
The company highlights that its digital accounts on Plex will be 100% free, and that there will be no minimum opening amount required, nor will there be any interest or overdraft fees, in addition to the fact that ATM transactions on the ATM network will also be free of charge and that each account will come with its respective debit card, designed by Google and identified with the logo of its new service and the name of the issuing bank in the lower right corner.
Source: Google
One of the biggest and most valuable innovations offered by the service is the ability to focus on the history of friends, merchants and businesses that users interact with and transact with most often, rather than “showing a stack of cards or a long list of transactions,” as some companies offering similar services do. This feature helps users better organize payments to friends, family and businesses, and simplify the management of their savings and personal finances, Sengupta said.
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