Google just killed its banking service before it was even launched

A photo of your Android device with the Google Pay logo

You can still pay for things through Google Pay, but you can’t open a bank account.
Photography: Florence Ion / Gizmodo

Google has a reputation killing of its products and this time the company shut down a service that has not even started yet. Wall Street Journal reports which Google has gave up his plan to allow you open and manage a bank account via Google Pay.

The giant search engine had announced function about two years ago, after Apple launched his own credit card and Facebook have jumped on cryptocurrency bandwagon.

The service was initially called Cache, later renamed Plex. The program was expected to sync with Google Pay and offer a digital dashboard where you spend your money. It would also contain built-in savings goals to help you set aside cash. Google has partnered with Citigroup and the Stanford Federal Credit Union, which it chose because many of its employees bank there. But the details of the current accounts were thin, and Google didn’t even decide whether to charge fees.

Plex was supposed to start in 2020, but the pandemic continued to shift the time frame. Then, after a series of missed deadlines and the exit of the Google employee in charge of the project, Google decided to abandon the offer altogether. 400,000 people have registered on Citigroup’s waiting list for Plex accounts.

A Google spokesman told the Wall Street Journal that the company would focus on “providing digital capabilities to banks and other financial service providers, not to us who provide these services.”

This is unlikely to be the end of Google’s personal finances ambitions, as analysts expect fintech industry continue to grow over the next few years. Google has a great platform with Google Pay, which remains the default application for contactless payment on Android smartphones. You can also use Google Pay to pay online through supported stores.

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Naveen Kumar

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