Google pauses mobile banking plan
Google has hit the brakes on a project to add mobile banking to its Pay app, even as the online financial services market for everyday investors heats up. The company has ended work on its Plex project, but continues to eye ways to integrate financial services, a spokesperson said on Friday confirming a Wall Street Journal report. Plex would have allowed the Pay app to act as an interface for banks or credit unions, allowing users to access their savings and checking accounts. Google development of the project came as a number of internet firms, from Amazon and PayPal to Square and Robinhood, have been riding a trend of providing financial tools for shopping, borrowing or investing online. “We are updating our approach to focus primarily on delivering digital enablement for banks and other financial service providers rather than us serving as provider of these services,” the spokesperson said in response to an AFP inquiry.
Published in The Express Tribune, October 3rd, 2021.
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