Alphabet (Google’s parent company) set to relaunch its remittance platform with bank account inclusive. Google proposes to rebrand the tasks and the functionality of its Google Pay app, just as they redesigned and install new features suitable for its users. The payment platform’s new services are required as a consortium or a partnership with its upgraded task to be featured on Google Pay as of 2021. In contrast, the customer’s waitlist has been launched.
While the new feature is greatly anticipated, Google Pay noted that Citi Plex Account would be installed on the platform with the sole objective to ensure its users experience the most simple method of cash management. The Plex account will be compatible with a checking and savings account. However, with Citi’s Plex platform, subscribers can easily access finance management such as saving, sending, and payments in its Google Payment platform as its new features.
Citi President and CEO, Global Consumer Banking, Jane Fraser, said: “We want to make managing money simpler, smarter, more rewarding, and more mobile, and the Citi Plex Account will do that.”
The Google payment app was quite efficient based on the functions it was designed to process, such as money transfer and contactless payments. The rebranded version of the payment method, Google Pay now process instantaneous cash transactions with a group of people, and view analytics or Search for transaction and access ‘cashback’ powered by Burger King and Target Corp, the third-party merchant.
Google Pay serves as a new revenue source for the US advertising/tech giant, Google receives a small distribution fee for the displayed ads on the payment platform.
The services the US-based payment app offers is not limited to the Americans. Although Google Pay is yet to be fully developed, it is already being compared to its rivals. As more remittance platforms are being developed, it warrants technology companies, banks, and merchants to battle over customers and their financial data. In contrast, technology companies that operate FinTech services such as PayPal, Apple, Alibaba, Google, amongst others, are all agitating to be the hub for banking and shopping.
General Manager, Payments at Google, Caesar Sengupta, said: “A simple, intuitive design is the cornerstone of building a mobile-first banking experience that works for everyone,”
On behalf of Google, Caesar Sengupta noted that the objectives attached to its payment platform are for users to accomplish more tasks in its all-in-one payment app, which keeps its users in charge of their money.
“Citi customers using Plex Accounts will be able to open their accounts right within the Google Pay app and tap into all its features to save, send, spend and stay on top of their finances,” Sengupta added.
The transactions processed on Google Pay will not be interrupted by user ads and are likely to come across while exploring the Google service. The payment service has accomplished over 150 million active users monthly, with operational services available in 30 countries.
Last year, Google proposed to include access to banks as a feature. Citi financial services seem to process the transaction with expertise as they partner with Google to solicit Plex account in Google Play.
“This collaboration gives us a platform to drive significant scale in our Retail Bank,” Jane Fraser said.
As of 2021, Plex will be active on the Google payment platform to process operations with zero monthly bank charges or any other unfriendly policies related to minimum balance rules or overdraft charges.