Google is suspending its plans to allow people to open bank accounts directly from the Google Pay payment app. The US firm believes, upon reflection, that it is better to focus on providing digital support to banks and other financial service providers, rather than providing these services themselves.
Private Plex accounts will initially be offered in North America. This is what Google wanted to do with partners such as Citigroup and Bank of Montreal. Google Pay has been around since 2015. The mobile payment system was initially called Android Pay and now it has around 150 million users in about thirty countries.
The decision not to go ahead with Plex is a setback for Citigroup, which has touted its partnership with Google as evidence of its ability to forge digital partnerships with major tech companies. The bank also wanted to use the technology it made for its partnership with Google in deals with other companies. However, Citigroup now says it respects Google’s choice. By doing so, the Bank will look to find other opportunities for cooperation.
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