Google shelves plan for bank accountsTRICKY TRANSITION: Google has struggled for years to become a primary medium of commerce through its Google Pay app, a goal that has also eluded rival FacebookBloombergAlphabet Inc’s Google is shelving plans to add bank accounts to its payment app, becoming the latest tech giant to dial back its ambitions for financial services. The idea was that Google Pay users would be able to use the app to apply for so-called Plex checking and savings accounts from 11 banks. The Plex accounts were just one part of a broad overhaul of the Google Pay app, which also allowed users to link up their existing bank accounts and credit cards, and search for discounts when setting out to shop or dine. Since its debut in 2015, Google Pay — originally called Android Pay — has amassed 150 million users in 30 countries. Work on updating the Google Pay app — which consumers mostly rely on to send money to friends or for online shopping — began under Caesar Sengupta.

Source: Taipei Times October 03, 2021 15:56 UTC