The internet giant said it would be partnering with commercial banks and credit unions starting next year to allow users to manage mobile-based accounts through the Google Pay platform, in the latest move by tech giants into consumer finance.
The Plex Accounts for US consumers will be offered with no monthly fees, overdraft charges or minimum balance requirements, according to Google, which said 11 banks and credit unions were participating.
Google at the same time said it was updating its Google Pay app to help users better organize payments to people and businesses.
The initiative comes with tech giants moving deeper into personal finance with person-to-person payments and co-branded credit cards
Apple recently launched its own branded credit card with Goldman Sachs which integrates into its Apple Pay application. Amazon, which has its own branded credit card, has discussed offering its own checking accounts but has not followed through with the plan.