Google gives up launching its own banking offer

Published on 10/01/2021 2:34 PM

About 400,000 people had signed up for a waiting list for Plex. (Photo: 123RF)

New York – Google has given up on launching its own banking offering, a project that the Californian giant had been working on for two years, at a time when the supply of online financial services is exploding, a headline said Friday to AFP. word, confirming the Wall Street Journal information.

Called Plex, the concept was in development with the collaboration of the US bank Citigroup. For Google, it was not about becoming a full-fledged bank, but about interfacing with existing stores like Citi.

The Plex accounts would have been synchronized with the Google Pay application, which already allows you to pay with your smartphone, the idea is to offer a practical, simple and attractive application.

According to the Wall Street Journal, some 400,000 people had signed up for a waiting list for Plex.

“We are shifting our focus to focus first on digital delivery to banks and other financial services companies rather than providing these services ourselves,” said a spokesperson for Google, a subsidiary of the Alphabet group.

The new technology sector is increasingly positioning itself in the financial services sector, from payment to brokerage and threatening traditional banking territory.

The latest trend is that of online purchases on credit or installments, an offer that until now was not very widespread on the Internet and that giants such as Amazon or PayPal have recently developed.


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