Google to launch mobile-first bank accounts in 2021

Wednesday, 18. November 2020 19:21

Alphabet Inc.'s Google LLC announced on Wednesday it will launch "Plex Accounts," a service that will enable the users to manage their money with no monthly fees, overdraft charges or minimum balances.

The tech giant partnered with Citibank NA, Stanford Federal Credit Union and nine other banks on the project, set to be officially introduced in 2021. Google said that all users' Plex Accounts transactions and savings can be managed, organized automatically and searchable via the Google Pay app.

The company also rolled out a redesigned Google Pay app across the United States, introducing three new tabs: Pay, Explore and Insights. "One is the ability to pay friends and businesses really fast. The second is to explore offers and rewards, so you can save money at shops. And the third is getting insights about your spending so you can stay on top of your money," Google director of product management Josh Woodward told TechCrunch.

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