Google is launching a major redesign of its Google Pay app on both Android and iOS today. Like similar phone-based contactless payment services, Google Pay — or Android Pay as it was known then — started out as a basic replacement for your credit card. Over time, the company added a few more features on top of that but the overall focus never really changed. After about five years in the market, Google Pay now has about 150 million users in 30 countries. With today’s update and redesign, Google is keeping all the core features intact but also taking the service in a new direction with a strong emphasis on helping you manage your personal finances (and maybe get a deal here and there as well).
Google is also partnering with 11 banks to launch a new kind of bank account in 2021. Called Plex, these mobile-first bank accounts will have no monthly fees, overdraft charges or minimum balances. The banks will own the accounts but the Google Pay app will be the main conduit for managing these accounts.