Google's newly relaunched Pay app allows users to open bank accounts

Daniel Fowler
January 26, 2021

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Google said in a live teaser that Google Pay's suite of new functionalities is an extension of their original ventures into digital bank accounts from Citi and SFCU.

The Google Pay app has been given a makeover, growing from a simple payments tool to a full-blown financial management service and, from early next year, a gateway to a full bank account.

However, Google says that users on iPhone and Android would be provided with a new Pay app that is "designed to help you improve your relationship with money". This page will show all your spending and pull information from connected bank accounts, credit and debit cards.

The new version of the Google Pay app is already available for download from the Play Store, and it will allow you to pay gas at select gas stations and parking from your device. Though I prefer tap to pay as often as possible, I would be lying if I said that I don't miss the ill-fated Google Wallet card that I had in my pocket for so long.

"Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily", Sengupta notes.

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According to Engadget , some users who use SMS two factor authorization (2FA) to log in had been unable to do so at first. The Mark Zuckerberg-owned company said that they were working to resolve the problem "as quickly as possible".

This most recent announcement by Google should come as no surprise. Just look at Google.

Sengupta further says, "Starting in 2021, 11 banks and credit unions, including minority-owned depository banks, in the US will start offering Plex Accounts in Google Pay".

Meanwhile, if you are interested you can join the Plex waitlist. Hell yeah, man. The more ways to talk to people in separate spaces that we'll need to keep track of, the better.

Google hopes you'll use messaging in Google Pay to chat about toilet paper and buying Thai food with friends. All data uploaded is cryptographically protected and the retailer will be shown a dummy card number when you pay (a process called "tokenisation"), making it impossible to skim your credentials. You will be able to view all of your payments and subscriptions inside Google Pay, broken up into Groups, Businesses, and Friends and Family.

If you want to apply for a PLEX account, you can do so here - please note the service isn't launching until 2021 though!

With a PLEX account, you will be able to take cash out via Citi Bank's 60,000 nation-wide ATMs.

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