Consumers in the USA will be able to open mobile-first checking and saving accounts with 11 banks and credit unions from within Google Pay from 2021, Google has revealed in a blog post that also announces the launch of a redesigned version of the Google Pay app for both Android and iOS.
“We’re working with trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay,” writes Google vice-president Caesar Sengupta in the post.
“Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements, and help you save toward your goals more easily.
“Starting in 2021, 11 banks and credit unions, including minority owned depository banks, in the US will start offering Plex Accounts in Google Pay.
“In the meantime, you can join the waitlist on the app and be one of the first to apply for a Plex Account from Citi or SFCU.”
In addition to Citi and Stanford Federal Credit Union (SFCU), Plex Accounts will be offered by SEFCU, Seattle Bank, The Harbor Bank of Maryland, BankMobile, BMO, First Independence Bank, BBVA, Green Dot and Coastal Community Bank.
The redesigned Google Pay app also enables users to “pay, see past transactions and find offers and loyalty info — all organised around conversations”, as well as automatically redeem offers when paying in-store or online, search across transactions “in new ways”, receive “periodic spending summaries” and keep information safe “with advanced security”.
A 27-minute video with more details about the new Google Pay app has also been produced by the firm:
Plans to offer free US bank accounts via Google Pay were first revealed in November 2019.