Google has announced to stop its Plex service. The Plex is mobile-first bank accounts by the search engine giant. It announced the project in November last year. It allowed users to do their banking. Users only required the Google Pay app. It eased the banking services. Users were able to check balance and perform other banking tasks. Users only had to sign up to enjoy a variety of banking services. The tech giant has now canceled the project. Google wanted to be a bigger name in the financial sector with the launch of Plex. The company said that it has halted the project as it missed several deadlines. It said that the person who pushed the project has quit the company.
Google said that it is updating the approach on providing digital enablement for financial institutions instead of providing direct services. Google said that Plex was not aimed at putting a direct competition with banks and financial institutions. The company has plans to partner with institutions that provide accounts. Google wanted a partnership with institutions that don’t collect monthly fees, charge for overdraft, and require maintaining a minimum balance. Plex would have worked similarly to other online banks if it was launched. The app would have allowed users to set savings targets, transfers, and more. Top financial institutions like Citi and SEFCU had planned to partner with Google.
Even after the delay due to the pandemic, several banks were of the view that Google will move forward with the project. Google started on the project as it noticed there was a huge demand for easier ways to transfer or pay funds for services. Now that Google has announced to halt Plex, the company looks to work around its financial business. Google said that it will continue to help people in gaining better access to banking services and strengthen the digital banking environment. Notably, there has been a rise in digital payment services across the world ever since the pandemic struck humanity.
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