Google already allows sending money and will launch bank accounts in 2021

Google Pay, the service for making payments through Google's mobile, has been completely redesigned and now becomes a complete banking system, which allows much more than paying and receiving information on expenses. Now, among other features, you can create a checking account or send money to other users through this tool.
Users will be able to open current accounts from Google Pay and have access to credit cards
The new Google Pay is now available both for mobiles with Android operating system and for iOS devices. These are the new functions that it has added to the app:

-Section of payments and sending money : Until now, this section only showed the history of payments made by the user with Google Pay, but now they will be shown grouped by the people or companies with whom the most transactions are made so that they are located more easily.

In addition, with the update, Google Pay allows it to be possible to send or request money to contacts from the app, just as Bizum does .

-Discounts and coupons: the app has a new section where a feed is displayed with promotions and offers for stores, businesses and certain brands that collaborate with Google. These offers may vary depending on the location of the user, according to the information available to Google.

-Google Plex bank account: You can request, through Google Pay, a bank account, current or savings, free of charge, which will not have opening or maintenance costs, to which users can link their bank accounts and cards credit cards, and thus use them from Google Pay to buy goods, products and services.
This feature will not be available until 2021 and will first arrive in the United States, where Google has already reached agreements with 11 banks: Citi, Stanford Federal Credit Union, SEFCU, Seattle Bank, The Harbor Bank of Maryland, BankMobile, BMO, First Independence Bank, BBVA, Green Dot and Coastal Community Bank. The goal is to expand this list in the future and bring Google's banking products to other countries.

-Security and privacy : Google has also updated the terms of use of the service to ensure greater security for users. Thus, for example, the option to automatically import receipts to Gmail or Google Photos has been removed.

Google has ensured that the data generated in transactions between users and banks or stores will not be sold to third parties and will not be used internally to improve Google's ad business.

Nikhil Gupta

Founder Stimulus Cloud , Herbal Aushdhi, 2 Minutes, Chhollytube, State Co-ordinator INN24 Today.

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