The American company Google announced it would allow opening bank accounts, paying friends, and managing budgets through the new version of the Google Pay application.
Google competes with Venmo
It is a move seen by global media specializing in technology and economics, as it allows Google to delve more into the field of consumer finance and compete with popular services in this field, such as Venmo, a mobile payment service owned by PayPal.
Google revealed, in an official statement released today, Wednesday, that it will also allow users to exchange payments between users, a feature that has made rival apps like Venmo and Square Cash household names with PayPal as people switch to digital payments during the COVID-19 pandemic.
This prompted Google to partner with Citi and Stanford Federal Credit Union to launch a mobile bank account service, and it says it plans to partner with 11 other organizations next year.
The new version of the Google Pay application
Google Pay, the Google Pay service, combines all payment methods from your Google account in one place; You can enter card information one time and use it to do:
Use the Click & Pay feature to make purchases with your phone.
Purchase items in apps and on websites.
Automatically fill out forms on Chrome.
Buy Google products.
Send money to friends and family (the US only).
Users can also use gift cards, loyalty cards, tickets, and coupons with Google Pay when making purchases in the stores you prefer, noting that they cannot use Google Pay with Google for business products, such as AdWords, Cloud, or G Suite.
And Apple, a competitor to Google, earlier launched its credit card integrated with iPhone phones with Goldman Sachs Bank last year, and Facebook also allows users to make payments through the messaging application Messenger in several markets.