Do you remember last year when Google announced that it was going to start offering bank accounts, within Google Pay? And then everyone got angry? Well, Google just killed this product, even before it launched. It was called “Plex” and it will not happen. At least according to a Wall Street Journal report.
Google and Citigroup (the bank that worked with Google for these bank accounts) confirmed this report. So it’s true that it’s killed. A Google spokesperson said it was focusing on “providing digital empowerment to banks and other financial service providers rather than serving us as a provider of those services.” Citigroup has confirmed that around 10,000 people join the waiting list each week and that it has over 400,000 people on the waiting list.
This is actually good news for Google
After Google announced that it was going to offer bank accounts in the future, numerous antitrust threats were launched against Google. And many wonder if they can trust Google with even more information. Because having a bank account through Google would mean it could see your payments and what you are spending money on. Even more than they can see with Google Pay.
Many tech companies looked to get into banking, and it looked like Google was going to be next to follow. It’s unclear if Google’s ultimate reason for dropping Plex is because of antitrust threats, or if that was some other reason. Like the fact that it’s a lot harder to do than Google expected.
Either way, Plex is finished. However, you can surprisingly still sign up for the waitlist for Plex. And the entire website is still live. Although it probably won’t last very long.
The Google post killed its “Plex” bank accounts even before their launch appeared first on Android Headlines.