Google Pay, the service for making payments via Google’s mobile phone, has been completely redesigned and is now becoming a complete banking system that does much more than just pay and receive information about expenses. With this tool you can now, among other things, create a checking account or send money to other users.
Users can open checking accounts through Google Pay and access credit cards
The new Google Pay is now available for both mobile phones with the Android operating system and iOS devices. These are the new features added to the app:
-Section of payments and money transfer: So far, this section only showed the history of payments made by the user with Google Pay. However, now they are displayed grouped by the people or companies with whom most transactions are made so that they are easier to find.
In addition, with the update with Google Pay, like Bizum, you can send or request money to contacts via the app.
– Discounts and coupons: The app has a new section that displays a feed with promotions and offers for stores, companies and certain brands that partner with Google. These offers may vary depending on the user’s location based on the information available to Google.
-Google Plex bank account: You can request a bank, checking, or savings account through Google Pay for free, with no opening or maintenance costs, and to which users can link their existing bank accounts and credit cards. and hence use them from Google Pay to buy goods, products and services.
This feature won’t be available until 2021 and will be available for the first time in the US, where Google has already made agreements with 11 banks: Citi, Stanford Federal Credit Union, SEFCU, Seattle Bank, Port Bank of Maryland, BankMobile, BMO, First Independence Bank, BBVA , Green Dot and Coastal Community Bank. The aim is to expand this list in the future and to bring Google’s banking products to other countries.
-Security and privacy: Google has also updated the terms of service of the service to ensure greater security for users. For example, the option to automatically import receipts into Gmail or Google Photos has been removed.
Google has ensured that the data generated during transactions between users and banks or shops is not sold to third parties and is not used internally to improve Google’s advertising business.