Google to Offer Checking Accounts With Banks in Pay App Revamp
- Tech giant partners with 11 banks offering new ‘Plex’ accounts
- Payment system will give Google deep look at consumer finances
Photographer: Mateusz Slodkowski/SOPA Images/LightRocket/Getty Images
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Alphabet Inc. unveiled its long-anticipated expansion of Google Pay, partnering with banks and retailers to offer consumers new forms of bank accounts, cards and discounts.
The upgraded payment system marks the tech giant’s deepest foray yet into the U.S. financial system -- just as the pandemic speeds up the shift away from cash and as authorities raise concerns about Chinese super-apps such as Alipay and WeChat. But rather than directly challenge the industry, Google Pay will help users open accounts at partner banks including Citigroup Inc., which promptly launched a wait list for an account tailored to the new ecosystem.