Google will be integrating Plex into Google Pay in a new move to deepen financial technology and simplify payment right on the tech giant’s payment app like never before.
Plex is a mobile-first bank which the Vice President of Google Payments Caesar Sengupta said was created by one of the most trusted financial institutions.
If you like, call it Google bank account. Google said Wednesday that it is implementing the plan through its partnership with commercial banks and credit unions starting in 2021.
The plan is one of the plans of the tech giant to expand into consumer finance, since “People do almost everything on their phones today”.
The way people save, make payment online and engage with their banks should change, said Sengupta.
He was quoted as saying, “That’s why we’re working with trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay.”
How would Google Bank Account work?
The new product will be starting in the United States to enable customers to have Plex Accounts with the following benefits:
- No monthly fees,
- No overdraft charges
- No minimum balance requirements.
- Organise payments
Already, 11 banks and credit unions will be participating while Google updates its Google Pay app to help users better organize payments to people and businesses.
Sengupta said: “Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focuses on the friends and businesses you transact with most frequently,”
The latest development shows how tech giants are moving deeper into personal finance with person-to-person payments and co-branded credit cards
Recently, Apple launched its own branded credit card with Goldman Sachs which integrates into its Apple Pay app just like Amazon, which has its own branded credit card while it continues to work on offering its own checking accounts.
So, how can I carry out financial transactions on Google Pay for personal and business use?
The answer is big YES once you sign up for Google Pay and add your bank account number. We’ll show you how to get that done within a few minutes.
Benefits of Google Pay
It enables you to make payment on Google products like Photos, Apps
It allows you to make quick and easy purchases with your phone in supported countries.
With Google Pay, you can send and receive money from friends and family members (this feature is only available to US residents)
How to Set Up Google Pay
- Download Google Pay from PlayStore on your phone (must be at least Lollipop (5.0) Android version)
- Tap to open Google Pay app and follow the setup instructions.
- Choose your preferred security, this could be a screen lock, PIN, pattern, password, fingerprint, or retinae scanning screen locks.
- Turn on NFC to use. E-Money users in Japan must make sure their device is Osaifu-Keitai compatible.
NOTE:
The Google Pay app won’t work on routed device
Your device must meet software standards (NFC) and have have HCE.
How to add payment method (Debit or Credit Card)
Follow the steps below to ass Debit or Credit Card as payment method On Google Pay:
- Step 1: Sign in to Payment methods.
- Step 2: At the bottom, click Add payment method.
- Step 3: Click Add credit or debit card.
- Step 4: Enter your card info.
- Step 5: Verify your payment method by choosing an option from the list and enter the verification code to complete the process
- Step 6: You’d get a small charge to check your account and card are valid.
That’s all.
How To Add Bank Account
To add your bank account on Google Pay, follow the steps below:
- Step 1: Sign in to Payment methods.
- Step 2: At the bottom, click Add payment method.
- Step 3: Click Add a bank account.
- Step 4: Enter your account numbers
- Step 5: Click Save.
- Step 6: Choose test deposit
- Step 7: Verify your bank info and confirm the deposit amount in Google Pay.
That’s all.
