Google has abandoned plans to offer bank accounts to its users, the Wall Street Journal reported on Friday October 1.

A Google spokesperson said the company is focused on “providing digital empowerment to banks and other financial service providers rather than serving us as a provider of those services.”

Sources say the tech giant decided to end the project due to missed deadlines, as well as the departure earlier this year of a Google Pay executive who had backed the bank account plan.

Read more: Google Pay executive Caesar Sengupta plans April release

This executive, Caesar Sengupta, helped launch Google Pay in India and led its relaunch in the United States to give users more options and control over their transactions. As PYMNTS reported at the time, this move was part of a larger strategy to introduce checking and savings accounts.

Google previously announced that users of the Google Pay digital wallet could open checking accounts and debit cards at various financial institutions (FIs), including Citigroup.

These so-called Plex accounts, which were originally slated to debut last year, would sync with Google Pay – branded Google and banking – and offer a digital dashboard showing users their spending and saving habits. The idea was to give users a new banking method focused on simplicity and fiscal health, with no overdraft or monthly fees.

Last year, Citigroup announced that it was working with Mastercard as a network partner on Plex savings and checking accounts.

Read more: Citi partners with Mastercard for Google Pay Plex accounts

On Friday (October 1), the bank announced that it plans to offer other accounts to customers on its Plex waitlist and that it will look for other ways to work with Google in the future. Citigroup had added around 10,000 potential account holders to this waiting list each week. About 400,000 people were waiting for a Google bank account on Friday.



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

Leave a Reply

Your email address will not be published.