Recently, Google Pay got its biggest update ever. The company announced that they are completely revamping the app for its wireless payment system, keeping the same features as before of sending and receiving payments, but also converting it to a complete money management app.
According to Google, “the new app is designed around your relationships with people and businesses,” and “it helps you save money and gives you insights into your spending.” Also, next year you will be able to apply for a Google bank account, as it was already rumored almost a year ago.
The old app of Google Pay is divided into a few tabs that shows all the cards stored and recent transactions done. The home page of the new app behaves like a messaging app and allows you to see the businesses and people you transfer money frequently. For example, you can click on a person or group of people and see all the transactions listed in chat like bubbles. You can see the options like request money, pay, or split a bill and message people and groups right within the app. In group chats you can also see who all have contributed to a split bill and who have not, this will help you in keeping a proper record of contributions done in a group every time.
In case of businesses, you will be able to see your recent activities and have quick access to your offers and reward cards. It looks like Google is also considering converting Google Pay into a coupon hub, that will allow its users to apply promo codes with a tap and get them automatically implemented when shopping at a business. There are more interesting updates in the financial management system of the app. By connecting your cards and bank to the app, you can see your spending trends and insights that will help you in knowing where you are spending too much money.
Google also said that it will launch “mobile-first” Plex accounts in 2021. These banks will be managed by reputed credit unions and banks, starting with 11 unions in 2021, but with a Google twist. As per Google the checking and saving accounts offer “no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily.”Certainly, Google is not the only app to give such insights, but Google Pay has an advantage that it the same app many people are already using for sending money to people and businesses.
Now, if you are thinking that if you should actually trust Google with so much details about your spending pattern then worry not because company said that it has built-in safety features like alerting you if you are sending money to the wrong person, and it also provides a range of privacy controls to customize your experience. Additionally, Google said, “will never sell your data to third parties or share your transaction history with the rest of Google for targeting ads.”
The updated app will be available for iOS and Android platforms. So, if you use Google Pay get ready to experience the newer updated version soon.