Before it had launched, Google killed its banking service

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You can still pay for things with Google Pay, but you can’t open a bank account. 
Photo: Florence Ion / Gizmodo – Google has canceled a project that would have linked bank accounts to Google Pay. Google has a history of dying off products, and this time the corporation has killed off a service that hasn’t yet launched. Google’s proposal to let users establish and manage a bank account using Google Pay has been scrapped, according to the Wall Street Journal.

After Apple released its credit card and Facebook joined on the bitcoin bandwagon, the search giant unveiled the function roughly two years ago.

Cache was the original name for the service, which was subsequently changed to Plex. The initiative was supposed to integrate with Google Pay and provide a digital dashboard of your spending habits. It would also have built-in savings objectives to assist you in putting money aside. Google had teamed up with Citigroup and Stanford Federal Credit Union, which it picked since many of its workers have accounts there. However, there were little information regarding the checking accounts, and Google had yet to decide whether or not to impose fees.

Plex was scheduled to go live in 2020, but the epidemic kept delaying it. After a succession of missed deadlines and the departure of the Google employee in charge of the project, Google decided to discontinue the service altogether. Citigroup had a waiting list for Plex accounts of 400,000 individuals, according to reports.

According to the Wall Street Journal, Google will focus on “delivering digital enablement for banks and other financial services providers, rather than us providing these services ourselves.”

Analysts predict that the fintech sector will continue to develop in the coming years, so this is unlikely to be the end of Google’s personal financial aspirations. Google Pay, which is still the default contactless payment app for Android handsets, has a large platform. You can also use Google Pay to pay for things online at stores that accept it.