Google has moved away from Plex, a program aimed at marketing bank accounts to Google Pay users. Announced two years ago, the idea for the service was that Google Pay users could sign up for advanced checking accounts and debit cards at many affiliated financial institutions. These are called Plex accounts and are proposed based on not charging monthly or overdraft fees, and we also offer a combination of Google and bank dashboards. Simply put, Google provided the technology and banks provided the financial services.
In the report from The Wall Street JournalA Google spokeswoman said the company is currently primarily focused on “providing digital support to banks and other financial services providers, rather than acting as a provider of these services.”
Plex was announced in 2020 with the new Google Pay app. It would have touted Google Pay as a direct competitor to other digital first banks such as Curve, Revolut and N26. It is said to be affiliated with nine affiliated banks, which they are free to open. They even opened their waiting list, which had grown to about 400,000. This was a particular problem for small banks without a strong digital presence, and Plex helped level the competition. Citigroup is one such small bank, a Citigroup spokeswoman said: The Wall Street Journal Banks will look for other ways to work with Google in the future.
It’s been clear for some time that not everything goes well with Google Pay camps. The team has reportedly seen an outflow of talent in recent months, leading Caesar Sengupta, whose payments depart in April. Sengupta was also the architect of the Plex project, but was later replaced by PayPal’s chief operating officer, Bill Ready. Lady was worried that Plex might make other banks think Google was trying to compete with them.Some people familiar with the problem also said The Wall Street Journal The banking regulator supported Plex and had no role in its demise.
Many banks still had the impression that the project was underway. Last Monday, BM Technologies announced that its Plex account will arrive in late 2021 or 2022. “Google and BMTX are excited about this opportunity and are working on this partnership,” the banking platform said in an email. The Wall Street Journal At the time.