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| Google enters banking to rival Venmo |
Google today (Wednesday) announced a new initiative that will allow it to research consumer credit more and compete with popular consumer credit services such as Venmo.
The US tech giant said: This will allow users to open bank accounts, make payments to friends and manage budgets with the new version of the Google Pay app.
Google has already launched a mobile bank account service with Citi and Stanford Federal Credit Union, and has announced plans to collaborate with eleven other institutions over the next year.
The company stated that the (Google Pay) application also allows users to exchange payments between users, and this feature allows the application (Venmo) and (cash) company funds (Square) to identify the service (PayPal) Close. The name is in digital form due to the switch to payment methods during the COVID-19 pandemic.
Google's announcement is seen as the latest move in fundraising by modern tech companies, as a competitor launched Apple Inc. And Goldman Sachs Bank was an integrated credit card for the iPhone earlier last year. Facebook enables users to make payments through Messenger in many markets.
State that there are no monthly fees, overdraft fees, or minimum balance requirements in Plex Google's checking and savings accounts. Users can also apply for a physical debit card that works over the MasterCard network. The Wall Street Journal reported that the partnership was in the making last year.
It seems that the new version of the application (Google Pay) borrows some functions from other popular Google products, as users can link the service (Google Photos) to search for receipts and link the email service (Gmail) to view them. Billing and subscription. It shows a summary and trend of spending over a period of time. Users can also get bonuses and discounts based on transaction information.