Google to offer mobile bank accounts and updated payment app
CNBC reports that Google will let users open bank accounts, pay friends and manage budgets through a new version of its Google Pay app rolling out Wednesday.
The Mountain View, California-based company partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts and said it plans to add 11 new partner institutions next year. Google Pay will also let users send peer-to-peer payments.
Google said its “Plex” checking and savings accounts have no monthly fees, overdraft charges or minimum balance requirements. Users can also request a physical debit card, which will run on Mastercard’s network.