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We first heard about Google’s intention to offer bank accounts to users in late 2019. Since then, we’ve been waiting for that Plex account waiting list in the Google Pay app to turn into a real one. invitation to register, but according to The Wall Street Journal, It will not arrive.
In a statement provided to the media, a Google spokesperson said: “Our work with our partners has made it clear that there is consumer demand for simple, transparent and secure digital payments for online and in-store transactions. We are updating our approach to focus primarily on providing digital empowerment to banks and other financial service providers rather than serving ourselves as a provider of those services. “
We assume the move would allow users to access all of their money from the only Google Pay app, with accounts backed by Citigroup and Stanford Federal. We can sit down and think back to what could have been, but for now, it looks like Google is abandoning the project.
It’s worth noting that the former Googler who oversaw the project, Caesar Sengupta, left the company to start his own fintech company and took other Googlers with him. I wonder if this has something to do with this news? Too bad.
// Wall Street Journal | CNBC
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