Google's reputation for everything related to internet services is apparently not enough to make this tech giant confident in launching bank services. Not yet launched, Google canceled its plans to open a bank service.
Previously, Google planned to allow users to open and manage bank accounts through Google Pay. This feature was introduced about two years ago, after Apple launched its credit card service and Facebook plunged into the realm of cryptocurrencies or cryptocurrencies.
Quoted from Gizmodo, Sunday (3/10/2021) this service was originally called Cache, then changed its name to Plex. The program is expected to sync with Google Pay and offer a digital dashboard where users can spend money and help set aside cash.
If you look at the previously set plans, Plex was supposed to be launched in 2020. However, the pandemic situation forced this plan to be pushed back. Then after a series of missed deadlines, Google decided to cancel the product launch completely.
In fact, as many as 400 thousand people are reported to be on Citigroup's waiting list for Plex accounts. A Google spokesperson told the Wall Street Journal that the company will now focus on providing digital empowerment for banks and other financial service providers rather than serving as a direct service provider.
However, this does not appear to be the end of Google's ambitions in the realm of financial services, as analysts predict the financial technology (fintech) industry will continue to grow in the next few years. Google, as the owner of a large platform with its Google Pay, is predicted to finally go downhill directly in this field.
