Google pulls plug on plans for Google Pay-based banking service

Google has pulled the plug on the Plex feature, which was supposed to allow users to handle their banking using the Google Pay app. According to the report, the banking service was planned to allow customers to sign up for checking or savings accounts with a choice of traditional banks, which they would then manage via the app.

However, Google is said to have canceled the project due to a succession of missed deadlines and the departure of an executive who pushed for it. According to leaks that surfaced before Google announced Plex and information from its official announcement, Plex was not intended to put Google in direct rivalry with banks.

Instead, Google planned to partner with a number of financial institutions to offer accounts with no monthly or overdraft fees, as well as no minimum balance requirements.

Google's service, like some other online banks, would have allowed users to set savings goals and automated transfers. Citi and SEFCU were among the banks with which Google planned to collaborate.

On Friday, Google stated that it continues to believe that people want simpler ways to pay for products when shopping online and in-person, but that it will now focus on "delivering digital enablement for banks and other financial services providers rather than us providing these services."

"While there are still other options for people who want online banks with decent apps, it's unfortunate to see that Google's cancelled this project.

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