New Google Pay App w/ PLEX Accounts COMING In 2021
Google has updated its Google Pay app, adding in a TON of new features – including the ability to pay bills and PLEX accounts
Google has released a heavily updated version of its Google Pay app for iPhone and Android. The new Google Pay app is designed to help you better manage your money and pay your bills.
The new Google Pay is now rolling out in the US, but its coolest feature – PLEX accounts – won’t be available until 2021.
Today we’re taking an important step forward in our quest to make money simple, secure and helpful. Starting in the U.S., we’re launching a redesigned Google Pay app on Android and iOS, said Google
It added: The new app is designed around your relationships with people and businesses. It helps you save money and gives you insights into your spending. It’s built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions.
A New Way To View Transactions
Google Pay is currently based around stacks of cards. But all that will change in the new Google Pay. Instead of cards, your Google Pay account will be broken up into three groups: People, Groups, and Businesses.
This way, you’ll be able to see the businesses and people you most interact with. Your transactions – or interactions – with these companies and people will be listed inside the app, so you can quickly see which people and businesses you interact with most.
Where it gets pretty unique, though, is in its ability to break things up into conversations. For instance, say you have on-going bill splits with your housemates or friends, inside the new Google Pay app you will be able to see ALL past transactions and even add comments and discuss stuff in the app.
If you need to split dinner, rent or other expenses with more than one person, you can create a group, split the bill, and keep track of who’s paid in a single place. Google Pay will even help you do the math on who owes what.
Inside the Businesses tab, you’ll be able to see past transactions and even access things like special offers from the business.
The new Google Pay app will be supported at over 100,000 restaurants and 30,000 gas stations when it lands, so you’ll be able to use it in most places and, importantly, keep track of all the money you’re spending.
If you drive a lot for your work, you can now easily track your gas bills inside Google Pay which makes it A LOT easier to work out your expenses for any given time period.
Saving Features Coming To Google Pay
There is a myriad of phone apps that help you save money. Our current favorite is the Plum app. Google Pay cannot do this – although it would be cool if it could – but what it can do is help you access things like coupons, savings deals, and offers from big high-street brands and food places inside the app natively.
Inside the new Google Pay, you’ll be able to access and redeem offers from the following brands and businesses: Burger King, Etsy, REI Co-op, Sweetgreen, Target, Warby Parker, and more.
Detailed Overview of Your Spending
If you connect you bank account to Google Pay, the updated app will be able to provide detailed insight on what you’re spending each money. You will be able to search for things like “food” or “clothes” or “supplements” and see exactly how much you’ve spent on each item.
Google Pay can also understand and automatically organize your spending. This lets you search across your transactions in new ways. For example, you can search for “food,” “last month,” or “Mexican restaurants” and Google Pay will instantly find the relevant transactions.
Google Pay PLEX Accounts – Coming 2021
Google will launch PLEX, a new mobile-first bank account in 2021. PLEX will live inside Google Pay and is the first-ever dedicated bank account facility offered by Google.
Google is working with multiple banks and US financial companies to create PLEX. The idea behind the project is simple enough, but will likely have far-reaching implications for Google’s position in the mobile banking sector.
We’re working with trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay. Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily.
PLEX will be available inside Google Pay during 2021. The US will be the first market to get the update. As Google develops relationships with banks in other regions, the feature will start gradually rolling out to users in the UK and Europe.