Google to integrate bank accounts in payments app

Google to integrate bank accounts in payments app

An intuitive approach to goal planning with AI-powered insights is created to help customers save more, set savings goals, and become more financially healthy over time.

But, do not be alarmed if this happens, as it does not mean that Google Pay will block payments via NFC, that device that allows two electronic devices to exchange information by getting closer to each other. The new app is designed around your relationships with people and businesses.

"This version has been in the works for a year a half", said Venkat Rapaka, vice president of product management of Google Pay at Google.

This way, you'll be able to see the businesses and people you most interact with.

For example, Google Pay powers its tailored financial "Insights" using transactions processed within the app.

Before you jump in and start adding all your cards and bank accounts to Google Pay, I'm sure you want to make sure it's secure.

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The Pay tab will show users a list of their transactions, showing a stack of cards.

The tech giant has confirmed that the changes in Google Pay will start rolling out today on Android and iOS in the USA followed by other regions in the months to come. Now, if you use Google Pay to buy stuff or even pay for bills you can earn rewards - though details on these rewards are currently slim.

If you need to split dinner, rent or other expenses with more than one person, you can create a group, split the bill, and keep track of who's paid in a single place. Google Pay's new features put it in competition with the likes of PayPal, Apple Pay, Venmo, Square, Intuit Mint, Simplifi, Truebill, and many others. Once the user clicks an icon, Google Pay displays all of the debits and credits made in the past, similar to an email thread in Gmail. You can search in the starred contacts. If you took a picture of your receipt at REI, for instance, you can search for the word "tent" and Google will even scan your Photos to find that word and pull up that transaction.

Launching first in the USA, the new Google Pay drops the stack of credit cards and other payment methods for a new conversational-based UI with lists of the people, groups, and businesses with which you do business. The new venture is named Plex, and it offers "mobile-first bank account integration into Google Pay". Transaction data will not be shared with the rest of Google when it comes to targeting ads, Rapaka said.

Partners such as Citi starting next year will activate checking and savings accounts with no monthly fees, overdraft charges or minimum balance rules.

Additionally, Google is beginning to look more like a bank as it has announced Plex - a mobile-first bank account launched in partnership with established banks - including Citi and SFCU.

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