Even as the online financial services industry for regular investors heats up, Google has put a hold on a proposal to integrate mobile banking into its Pay app.
According to a spokesman who confirmed a Wall Street Journal article, the business has completed work on its Plex project but is still looking for methods to connect financial services. Plex would have enabled the Pay app to function as a bank or credit union interface, letting users access their savings and checking accounts.
The initiative was developed by Google at a time when a variety of internet companies, from Amazon and PayPal to Square and Robinhood, have been riding a wave of financial tools for online purchasing, borrowing, and investing.
The spokesperson said, “We’re updating our approach to focus primarily on delivering digital enablement for banks and other financial service providers rather than us serving as providers of these services.”
“We strongly believe that this is the best way for Google to help consumers gain better access to financial services.”
Late this year, Google said that it was working with over a dozen credit unions and banks, including Citigroup, to include their Pay mobile app for Android handsets in its Plex project.
Plex had a waiting list of almost 400,000 people, according to the company. Among other things, the Pay app allows users to pay for transactions, send money to pals, and save loyalty cards.