Google Just Killed Its Banking Service Before It Even Launched

Google has a reputation forkillingits products and this time the company has shut down a service that has n’t even gotten off the footing yet . The Wall Street Journalreportsthat Google has desolate its design to have you open and manage a bank news report through Google Pay .

The search giant hadannouncedthe feature about two eld ago , after Apple launched itscredit cardand Facebook jump off on thecryptocurrencybandwagon .

The divine service was initially name Cache , later renamed to Plex . The program was expected to synchronize with Google Pay and offer a digital splashboard of where you expend your money . It would also feature build - in preservation goals to aid you dress aside cash . Google had partner with Citigroup and Stanford Federal Credit Union , which it chose because many of its employees bank there . But details about the checking accounts were slender , and Google had n’t even resolve if they would charge fees .

You can still pay for things with Google Pay, but you can’t open a bank account.

You can still pay for things with Google Pay, but you can’t open a bank account.Photo: Florence Ion / Gizmodo

Plex was imagine to set in motion in 2020 , but the pandemic kept pushing back the timeline . Then after a series of miss deadlines and an exit from the Google employee tasked with the project , Google decided to cast off the offering entirely . A reported 400,000 people were on Citigroup ’s wait list for Plex news report .

A Google spokesperson told the Wall Street Journal that the company would focus on “ hand over digital enablement for cant and other financial services providers rather than us attend as the provider of these services . ”

It ’s unlikely that this is the end of Google ’s personal finance ambition , as analysts expect the fintech industryto continue grow in the next few years . Google has a big platform with Google Pay , which remains the nonpayment contactless defrayment app on Android smartphones . you’re able to also use Google Pay to yield online through supported stores .

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