Google Launches 'Google Pay' with Easy Transfer Feature for Bank Account Opening

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Google has launched 'Google Pay' with added features such as bank account opening and easy money transfers, CNBC reported on the 18th (local time).

According to the report, Google has added the ability to open checking and savings accounts in the upgraded Google Pay. To this end, it has already partnered with Citi and Stanford Federal Credit Union, and plans to add 11 more financial institutions next year.

Google stated that there will be no account maintenance fees, overdraft fees, or minimum balance requirements.

Additionally, physical debit cards will be issued upon customer request.

Features allowing easy money transfers to friends or acquaintances, similar to PayPal's 'Venmo' or Square's 'Cash App,' have also been added to Google Pay.

CNBC reported that Google's expansion into fintech comes as its main revenue source, advertising sales, faces attacks from the government and Congress.

Last month, the U.S. Department of Justice filed a lawsuit against Google, alleging various illegal activities to block competitors from entering the search engine market and maintain its monopoly position.

This content was produced with the assistance of AI translation services.