Google ‘pulls plug’ on Plex digital account plan

Google has reportedly cancelled the launch of its digital checking account Plex.

According to reports in the Wall Street Journal, the tech giant is pulling the plug on Plex in order to focus more on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services".

Google Pay said last year that 11 US banks and credit unions, including minority-owned depository banks, would start offering co-branded Plex accounts on Google Pay from this year.

The idea was first explored in 2019 when Google, Citi Bank and a credit union affiliated to Stanford University planned to launch a digital account within the Google Pay app.

According to the WSJ, the co-branded, FDIC-insured digital accounts were set to be built on top of the partner banks’ infrastructure and launched in the Google Pay app this year.

The paper reported that Citi has more than 400,000 people on its Plex waiting list, while other partners in the project have only just learned of the plans to abandon Plex.
FStech has reached out to Google for comment.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.