Google Pay Revamps And Streamlines Payments

Friday, January 8th, 2021

Google Pay is an online payment system and digital wallet platform that was created by Google to facilitate in-app and “tap-to-pay” purchases on mobile devices. Users can also make their payments by using their Android phones, watches, or tablets. 

According to Google, it is estimated that well over 150 million people in 30 countries are using Google Pay every month. 

It was recently announced that Google had launched a newly redesigned Google Pay App on both Android and iOS. 

The New Features

Designed to refocus its attention on user’s relationships with other people as well as businesses, the app offers insights into spending, helping users save money. Google is committed to offer a secure platform and therefore it was built with “multiple layers” of security to keep both money and information safe. 

Google Pay focuses on the businesses and friends that the user “transacts” most. Organized around existing conversations, users can pay, view past transactions, view different offers and loyalty information. 

If a user needs to split a bill for a meal, rent, or other expenses with other people, the user can simply create a group, divide the bill, and keep a record of who has paid in one place. Google Pay can also help calculate to determine how much is owed by each person. 

Google Pay can also be used for ordering food at more than 100,000 restaurants, purchasing gas at well over 30,000 gas stations, and pay to park in over 400 cities. All these payments can be done on the app.

No more clipping coupons or having to redeem offers by pasting promotional codes. Users can simply activate offers with a single tap and the offer will be automatically applied when they pay in-store or online at participating stores. 

Another helpful feature is that users can connect their bank account or cards into Google Pay. By doing so, the app can then generate frequent payment summaries, demonstrating different trends and insights over a period of time. This gives users a valuable picture of what their overall finances look like. 

When it comes to security, Google Pay is quick to notify you if you are about to pay a stranger. It offers advanced security. Users also have the option to choose the privacy settings that work best for them.

Plex – Banking In A New Way

Google has been busy working with trustworthy financial institutions to develop Plex. Plex is a “mobile first bank account” that has been integrated within the Google Pay platform. These new Plex Accounts are currently being offered by both banks and credit unions. They also include checking and savings accounts. There are no monthly fees, overdraft charges, or requirements for a minimum balance. All these features make it easy for users to reach their financial goals more easily.

At the start of 2021, it was reported that 11 credit unions and banks, even “minority-owned depository” banks will begin offering Plex Accounts within Google Pay. For the time being, Google is offering those interested to join a waiting list within the app to be one of the first users to apply for a Plex Account from SFCU or Citi. 

A Revamped Way To Manage Your Finances

Google Pay wants to make it easy for users to oversee their finances. With the holidays in full swing and an economy hitting a rough patch, managing your finances is more important than ever.