Google is all set to launch a major redesign of its Google Pay app on Android and iOS. Like other similar phone-based contactless payment service, Google Pay has started a basic replacement for the credit card. Over time, the company is adding a few more features to that, but the overall focus never really changed. After about five years in the market, Google Pay now has about 150 million users in 30 countries.
With today's update and redesign, Google is keeping all the core features intact and taking the service in a new direction with a strong emphasis on helping you manage your finances and maybe get a deal here and there. Google is also partnering with 11 banks to launch a new kind of bank account called Plex in 2021.
These mobile-first bank accounts will have no monthly fees, overdraft charges, or minimum balances. The banks will own the accounts, but the Google Pay app will be the main conduit for managing these accounts. The launch partners for this are Citi and Stanford Federal Credit Union. It may be no surprise then that the feature that's now front and center in the app is P2P payments. As a part of this overhaul, Google is now making it easier to split restaurant bills with friends.