According to the press release, the new app is designed around the customers’ relationships with people and businesses, aiming to help users save money and provide insights into their spending. Instead of showing a stack of cards or a list of transactions, the new Google Pay app focuses on the friends and businesses the user transacts with most frequently. Users will be able to make payments, see past transactions, and find offers and loyalty information organised around conversations. In addition, the new app also incorporates a split the bill feature, where users can split expenses with more than one person and keep track of who has paid.
If the user adds a bank account or a card to Google Pay, the app will provide periodic spending summaries and show trends and insights over time. It automatically organises spending, enabling transaction searching.
In 2021, the company plans to allow users to apply for a new kind of digital bank account with trusted financial institutions. The firm is working with these institutions to create Plex, a new mobile-first bank account integrated into Google Pay. Plex accounts are offered by banks and credit unions and include checking and savings accounts. Starting in 2021, 11 banks and credit unions in the US will start offering Plex accounts in Google Pay.
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