#BigTech / Google rolls out mobile bank accounts via updated Google Pay app

The rollout is being conducted as part of its partnership with Citi and Stanford Federal Credit Union.

[VP of payments at Google:] “People do almost everything on their phones today, but for many, the way they save, pay and engage with their bank has remained unchanged.” … Google is hoping to change that with Plex, its new mobile-first bank account integrated into Google Pay. Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements…

With the new version of the app, users can “open bank accounts, pay friends and manage budgets,” … making Google now a direct competitor to traditional and digital banks alike. Users can also send payments to other individuals, making it now also a direct competitor to Venmo and CashApp…

https://finledger.com/2020/11/18/google-rolls-out-mobile-bank-accounts-via-updated-google-pay-app/