Comments
Google has launched a redesigned Google Pay app with new features and a focus on personal finance.
The revamped app will first be launched on Android and iOS in the US.
“Starting in the US, we're launching a redesigned Google Pay app on Android and iOS,” Google said in an official blog post.
“It’s built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions,” Google said.
The app will have three tabs: Explore, Pay and Insights.
The Pay tab will include peer-to-peer transactions while the Explore section will show various deals and discounts offered on the app.
Also read:Google Pay is now back for iPhone users in India
The Insights tab will allow users to connect their bank accounts to get a searchable insight of their personal finances.
Within the Pay tab, “Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focusses on the friends and businesses you frequently transact with.”
Groups feature
Users can review their transactions with people and businesses. They can also create groups on the app.
“If you need to split dinner, rent or other expenses with more than one person, you can create a group, split the bill, and keep track of who’s paid in a single place. Google Pay will even help you do the math on who owes what,” Google explained in a blog post.
In the Insights section, users will be able to see an overview of their finances if they choose to connect their bank accounts or cards to the app.
“If you choose to connect your bank account or cards to Google Pay, the app will provide periodic spending summaries and show your trends and insights over time — giving you a clearer view of your finances,” Google said.
Users can choose whether or not would they like their data to be used to personalise their experience within the app.
Also read:Google Pay faces CCI probe over business practices
“That setting is off by default, but you can turn it on or try it for three months to see if you like it. At the end of three months, you can decide if you want to keep it on or off,” Google said.
The tech giant further emphasised that it will “never sell” user data to third parties or share transaction histories with the rest of Google for targeting ads.
Plex accounts
Apart from a major redesign, starting next year, users in the US will also be able to open digital accounts called Plex accounts on Google Pay. Google has said that it is working with “trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay.”
“Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily,” Google said.
Starting next year, Plex accounts will be offered by 11 banks and credit unions, including minority-owned depository banks in the US.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.