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Google moves further into banking??— Kate Rooney (@Kr00ney) November 18, 2020
Relaunching Google Pay, with ability to send $ to friends (à la Venmo). Partnering with Citi, SFCU on bank accounts & debit.
Citi says it helps them expand deposits, should be esp. popular with tech-savvy Gen Z https://t.co/rUkWEMmy3g
One notable thing: Google Pay works on both iOS and Android (though of course tap to pay is Android only)— Dieter Bohn (@backlon) November 18, 2020
Another notable thing: only works on one phone at a time and there’s no web app.
The new @GooglePay app can help you pay more easily, manage your money ? and discover offers from your favorite brands. Learn more about #GooglePay's mission to make money simple, secure and helpful for everyone ✨ → https://t.co/Arfv7U5lLf pic.twitter.com/mX9rtdMgeA— Google (@Google) November 18, 2020
It has a QR code scanner for sending money to and from people. There’s also a feed of deal offers. when you add a deal, it associates it a linked credit card and when yo uuse that card, you get cashback into a Google Pay balance.— Dieter Bohn (@backlon) November 18, 2020
Google Pay has turned off all the personalization by default, but you can opt in to share a ton of data with Google for it to analyze in the app. Google says it’ll never be shared with third parties or Google’s ad targeting division.— Dieter Bohn (@backlon) November 18, 2020
Holy moly, this Google Pay relaunch is HUGE. It’s taking on... every money app. Venmo. Mint. Shop. Apple and Samsung Pay. It can track banking, offer deals, scan barcodes for shopping. It’s a lot. Maybe too much (data for Google, that is).— Dieter Bohn (@backlon) November 18, 2020
Between Venmo, PayPal, Cash, credit card loyalty programs, digital only banks, and consolidation in online shopping / delivery, there's just no meaningful piece of the pie left. Not sure why Google feels the need to do any of this.— David "my burrito pop is dishwasher safe" Ruddock (@RDRv3) November 18, 2020
In 2021 Google Pay will offer full in-app only banking services for checking, other basic banking — actual banking offered by Citi, BMA, and some credit unions. The program is called Plex.— Dieter Bohn (@backlon) November 18, 2020
If Google had stuck out Wallet and partnered early on a la Simple with a real bank and built a personal financial management platform, it might have had something. This is just fighting over scraps now.— David "my burrito pop is dishwasher safe" Ruddock (@RDRv3) November 18, 2020
New tab called “insights” that lets you connect bank accounts, credit cards, debit cards to get an overview of your finances, like Mint or Simplifi. Show summaries of spending, lets you search for stuff like how much you’ve spent on clothes. pic.twitter.com/elqX8llgGH— Dieter Bohn (@backlon) November 18, 2020
Big Tech’s push deeper into banking is alarming & totally unsurprising.@Google’s new banking & payments biz will centralize sensitive information, increase the risks of data breaches and abuse, and bring new privacy & pricing concerns.https://t.co/6tXFm7bKls— American Economic Liberties Project (@econliberties) November 18, 2020
#Plex Accounts by #Google – a "new way to bank in #GooglePay"...— Urs Bolt | ti&m ?? (@UrsBolt) November 19, 2020
...are co-branded checking and saving accounts to be launched with 11 #banks incl. Citi, other partners next year.
Preview by @9to5Google: https://t.co/toBPEc6TWo #BigTech #FinTech #DigitalBanking #FinServ pic.twitter.com/XeFtwYGgRN
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Stanford FCU is excited to be an initial partner offering the Stanford FCU Plex Account through @GooglePay. Simple, convenient and innovative banking personalized to you! Learn more at https://t.co/YkJgeoEZ4N. Join our waitlist in the new @GooglePay app today. #GooglePay. pic.twitter.com/LELXEQRDtB— Stanford FCU (@StanfordFCU) November 18, 2020
#Google announces a major redesign for #GooglePay for iOS and Android and is partnering with 11 #banks to launch #Plex, mobile-first #bank accounts, in 2021#banking #fintech @JimMarous @SpirosMargaris @UrsBolt @YahooSchwab @helene_wpli https://t.co/kUVi0Dbjkt— Dr Efi Pylarinou (@efipm) November 19, 2020
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