Get ready to make your own investments that Google Pay, the mobile payment platform expands its services to become a digital bank. Alphabet, Google’s main subsidiary, announced that users will be able to open bank accounts, perform electronic payments, send money to friends, manage su budget and carry out a series of more operations from 2021.
If we believed that the tech giant had already gone too far, it seems that this is only the beginning, as the firm partnered with the credit union ‘Stanford Federal Credit Union’, banks, as well as with a number of retailers, to start their Bank operations through a pilot test which began on November 18, 2020 in United States.
If all goes well, the firm plans to add eleven new partner institutions starting next year, when the new Google Pay services will begin to expand around the world, while also allowing users send peer-to-peer payments, entering hard to the competition with Paypal. With this, Google Pay plans to conquer the new generations, making the use of digital banking much easier.
“It will have great appeal, but especially among the younger population, Generation Z, qEU is more driven by technology and focused on mobile devices, “said Anand Selva, executive director of US consumer banking, in a statement retrieved by ..
In continuous growth
However, this ambitious project is not as simple as developing an app. Google will have to show that it is prepared for the constant security challenges andn line, stopping any attempt at fraud, phishing or identity theft. Until now, Google Pay limits its conditions to a single Android phone, but now that it expands its services and expands the transaction networks, it is not clear if the firm will change the restrictions.
But yes, César Sengupta, vice president of Google’s payments business, assured in a statement retrieved by . that they have the support of financial institutions to ensure the security and tranquility of all their users, underlining that they want to “make sure that we’re complying with all the standards that regulators and others have established ”.
The truth is that Google Pay is not an improvised application, since its launch in 2015, it operates with the support of the most important financial institutions in the world and has earned the trust of more than than 150 million users in the 29 countries where it operates including Mexico, with a constant evolution, such is the case of Google pay Sending and the application of QR codes.