Google Pay redesigned: makes money management more seamless & secure
By Pavithra R
Google Pay, simplifying payments online, in-store and between friends, has announced a major step forward in its quest to make money simple, secure and helpful. The company has announced launching a re-designed Google Pay app on Android and iOS.
The new app is designed around consumers relationships with people and businesses and helps users save money and gives insights into their spending. Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focuses on the friends and businesses the user transact with most frequently. Users will have the provision to pay, see past transactions and find offers and loyalty info organized around conversations. It also incorporates split the bill, where user can spit expenses with more than one person and keep track of who’s paid in a single place.
The re-designed Google pay is built with multiple layers of security to keep your money and information private and safe. The app alerts when making payments to strangers and has advanced security. It also gives transparency and control to choose the privacy settings that right fits the customer. When a user signs up, he or she can choose whether to use transaction history to personalize their experience within the app. That setting is off by default.
Google pay helps save money and redeem offers without the hassle of clipping coupons or copying and pasting promo codes. If the user chooses to connect bank account or cards to Google Pay, the app will provide periodic spending summaries and show trends and insights over time, giving complete visibility to finances. It understands and automatically organizes spending enabling transaction searching in new ways.
The company in 2021 is planning to give users the chance to apply for a new kind of digital bank account with trusted financial institutions. The firm is working with trusted FIs to create Plex, a new mobile-first bank account integrated into Google Pay. Plex Accounts are offered by banks and credit unions (CUs) and include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help consumers meet their financial goals. Starting in 2021, 11 banks and CUs, including minority-owned depository banks, in the U.S. will start offering Plex Accounts in Google Pay.
Google Pay ensures consumers that it will never sell data to third parties or share transaction history with the rest of Google for targeting ads. More than 150 million people in 30 countries use Google Pay every month.
IBSi Daily News Analysis
November 29, 2023
How Financial Cybersecurity landscape will evolve in 2024 with banking Trojans and direct payment attacksRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage