Google abandons plans to launch a banking service based on Google Pay

Google has discontinued work on Plex, which aimed to allow users to conduct banking transactions through the Google Pay app. The service was supposed to allow users to manage current or savings accounts opened with traditional banks through the application. According to the Wall Street Journal, Google canceled the project due to a series of missed deadlines and because the executive who oversaw the project left the company.

According to reports coming before the company shared official information about the project, Plex was not intended to compete directly with banks. Instead, the search giant planned to partner with various financial institutions that would provide invoices with no monthly maintenance fees, no commissions, or no minimum balance. As with some other banking apps, the Plex service would allow features like automatic payments or setting a savings goal.

On Friday, Google said it still believes there is a demand from consumers for easier ways to pay for goods when shopping online and in real life. However, the company will now focus on providing opportunities for banks and other financial institutions, but will not act as a financial services provider itself.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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