Business

Google hit the brakes on a project to add mobile banking to its Pay appGooglehas hit the brakesona project to addmobilebankingto itsPayapp, even as theonline financial services marketforeverydayinvestors heats up.The company has ended workonits Plex project, but continues to eye ways tointegrate financial services, a spokesperson said Friday confirming a Wall Street Journal report.Plex would have allowed thePayappto act as aninterfaceforbanks or credit unions, allowing users to access their savings and checking accounts.Googledevelopment of the project came as a number ofinternet firms, from Amazon andPayPal to Square and Robinhood, have been riding a trend of providing financial toolsforshopping, borrowing orinvestingonline."We're updating ourapproach to focus primarilyondelivering digital enablementforbanks and other financial service providers rather than us serving as provider of these services," the spokesperson saidinresponse to anAFPinquiry."We strongly believe that this is the best wayforGoogleto help consumers gain better access to financial services."Googlesaid late last year that it was working with nearly a dozen credit unions and banks,including Citigroup,forinclusioninits Plex projectforitsPaymobileappavailableonAndroid smartphones.ThePayappallows users topayfortransactions, send money to friends, and store loyalty cards, among other advantages.About 400,000 people had registeredona waiting listforPlex, according to the Wall Street Journal.





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