Google has been providing payment services through Google Pay for a long time. However, the American giant was aspiring to offer complete control of banking services through a service known as Plex, which was integrated with Google Pay.
But it appears that Google has canceled its plans for Plex. This service would provide banking services such as establishing current or savings accounts in cooperation with a group of banks around the world. and according to For the Wall Street Journal, the company has canceled the project entirely.
This is because the project has suffered from a large number of delays within the internal dates of its stages. Besides, the project manager has left Google.
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Google was not planning to compete directly with banks and financial service providers in general. But instead, she wanted to present special offers in cooperation with a number of banks, especially in the United States of America.
This included providing bank accounts without monthly payments and without a minimum account opening. These are services already provided by many banks around the world. While working on this project, Google announced that it would begin collaborating with Citi and SEFCU.
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Google withdraws from providing banking services
confirmed Google for The Verge that it still sees that a large number of users need simpler and easier ways to pay, especially when shopping. And that’s whether it’s online or in stores. Therefore, it will focus on providing better payment solutions rather than providing services on its own.
This may include services that the Company provides to banks or service providers, rather than providing the service. It is sad that Google is withdrawing from the online banking market so quickly.
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Perhaps users around the world are in need of appropriate electronic banking services, whether in terms of the quality of applications and ease of use, or in terms of the offers offered by banks in general.
The company is famous for not sticking with its projects very much, as during the previous years it had announced a large number of projects and then abandoned them.
Aside from abandoning the Plex service, Google is still working on improving and developing the Google Pay application, which is used to pay in most countries of the world today, depending on the user’s credit card.
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