What Does Google’s Move Into Venmo and Bank Territory Mean for You?

Google Pay digital wallet
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Google appears to be giving banks and payment apps a run for their, well, money. Google announced that it will enter more seriously into the financial products arena, partnering with Citi and Stanford Federal Credit Union to offer consumers bank accounts and allow for users to send payments to friends and family similar to Venmo and Cash App. It plans to partner with 11 more financial institutions next year.

The Google Pay app, similar to Venmo, will enable people to do such things as pay friends, split a check or pay for parking meters, as well as buy gas from Shell, ExxonMobil and other participating gas stations. It also anticipates creating loyalty programs and deals with businesses such as Burger King, Sweetgreen and REI.

Google Pay’s updated features will enable users to link Google photos to search receipts and connect with Gmail to view bills and subscriptions as part of money management. It shows spending summaries and trends over time. Users will also receive rewards and offers based on their transaction information.

Its “mobile-first bank account” will be called “Plex” and will be managed through the Google Pay app. The Plex checking and savings accounts will have no monthly fees, overdraft charges or minimum balance requirements. Consumers can also obtain a physical debit card, which will run through Mastercard.

Google is dealing with a Department of Justice lawsuit for, among other things, using data collected from Android and Chrome in its other areas of business. To soothe consumer fears, Google put out a statement that said, “Google Pay will never sell your data to third parties or share your transaction history with the rest of Google for targeting ads.”

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About the Author

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.

 

What Does Google’s Move Into Venmo and Bank Territory Mean for You?
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