Google ends work on its Plex project even after financial markets heat up
The company has ended work on its Plex project, however, it continues to look for different ways to integrate financial services, a spokesperson said, confirming a Wall Street Journal report
Even after the online financial services market for everyday investors heats up, Google has decided on hitting the brakes on a project to add mobile banking to its Pay app.
The company has ended work on its Plex project, however, it continues to look for different ways to integrate financial services, a spokesperson said, confirming a Wall Street Journal report. Plex would have allowed the Pay app to act as an interface for banks or credit unions. It would further allow the users to access their savings and checking accounts.
In a response to the AFP enquiry, a spokesperson said, "We're updating our approach to focus primarily on delivering digital enablement for banks and other financial service providers rather than us serving as provider of these services."
"We strongly believe that this is the best way for Google to help consumers gain better access to financial services."
Last year, Google said that it was working with nearly a dozen credit unions and banks, including Citigroup, for inclusion in its Plex project for its Pay mobile app available on Android smartphones. This app allows users to pay for transactions, send money to friends, and store loyalty cards. There will also be many other advantages.