Google is launching a major redesign of its Google Pay app on both platform Android and iOS today. Some major improvements like contactless payment services. Google Pay as it was known then started out as a basic replacement for your credit card.
After some time the company added some more features on top of that but the overall focus never changed. After about 5 years in the market, Google Pay has around 150 million active users. Google is keeping all core features perfectly but also taking the services in a different direction with strong importance on helping you manage your personal finances.
Google is also partnering with eleven banks to launch a new kind of bank account in 2021. Plex is the first mobile bank accounts will have no monthly fees, minimum balances, and overdraft charges. The banks will own the accounts but the Google Pay app manage all these accounts. The bank launches partner for this are Standard Federal Credit Union and Citi.
What things are redesigned in new Google Pay are doing three things into one, Google director of management Josh Woodward said that he walked me through a demo of the new app. The three things are in 3 new tabs in the application.
The first one is the ability to pay friends and businesses really very fast. The second one is to explore new offers and rewards so that you can save money. And the last one is getting insights about your spending so you can stop on top of your money.
The core of Google Pay is paying friends and businesses but the importance here has shifted a little bit. You will all notice that everything in the product is built about relationships between users. Caesar Sengupta, Google lead for Payment told that “It is not about large lists of transactions or weird numbers. All your engagements pin around person, groups, and businesses”.
Google may be no surprise with the new feature that now front and center in the app in P2P Payments. You can also pay and request money through the app as usual, but as a part of overtaking, Google is now making easy and simple restaurant bills with family and friends, e.g. your rent, utilities.
Josh Woodward tells that Google added this feature after its user demand shows that splitting bills remain a major point for users. You can also find a group of companies with which you recently transacted (either by using the Google Pay tap feature or linked bank account with service), from there you can see all of your recent transactions with companies.
The most important feature Google may be added with this update is to connect your bank account and credit cards to Google Pay so that it pulls in information about your recent transactions with your bank account. That is what added the company to offer and reward a lot of the other features in the application.
The company was said that “working with a few different aggregators” to enable these features. Though it did not go into details about who its partners are. It worth highlight that, all of the new features are here, are off by default.
Final Conclusion that whether you want to use all features and have Google store of all this information is probably a personal option and not every user will be comfortable with it. The rest of the Google Pay features are not changing, so you can still make your payment by NFC at the shops, and supermarket with your mobile phone just like before.