It seems Google is not one to be satisfied with any of their ventures, not when they can reach into even more. And that’s the case when it comes to their Google Pay app and the new features they’re set to roll out in conjunction with Citi and Stanford Federal Credit Union.
Beginning in 2021, Google is set to roll out a bank account feature with its Google Pay app, which will allow for even more opportunities to users. More than that, they’re hoping to allow those using the app to pay friends through it, in ways similar to Square or Venmo.
The idea is to allow these new features in a bid to draw in even more business, through a partnership with two financial institutions to start but as many as 11 new ones within the next year. As more and more people begin to shift to digital options when it comes to their finances, the company is hoping to cash in on the space.
The new version will allow users to link their photos in order to search receipts and they will be able to sync their Gmail account for bills and subscriptions to help with the budgeting portion of the new service. Not only that but it will have no monthly fees or minimum balance requirements and does not charge overdraft fees.
All of this and the option for a physical debit card through Mastercard as well. Not to mention the ability to see spending summaries, trends, rewards and special offers. All of these things are likely to push Google to the forefront when it comes to banking for Generation Z and beyond
They also state that they are looking to improve the situation for what they consider the ‘mobile first generation.’
Caesar Sengupta, general manager of payments at Google, stated “It will help our partners make banking more approachable to that generation, and not only make it more relevant, but make it more fun.”
Big tech companies seem to be launching into new areas and especially into finance recently with Apple integrating with Goldman Sachs credit cards and Facebook offering payments through Facebook Messenger. Even Alibaba and Tencent in China have started to venture into the payment space and payment apps. It seems that this might be only the beginning.
There’s no telling what tech companies may come up with next in this era of advanced digital technology.