Google Puts 'Flex' Plan to Link Bank Accounts in Payment App on Hold

[Image source=AP Yonhap News]

[Asia Economy Reporter Ki-min Lee] Bloomberg reported on the 2nd that Google has put on hold its plan to link bank accounts to its own payment application (app).

According to Bloomberg, Google has been working on linking accounts from banks such as Citigroup and Bank of Montreal to its payment service, the Google Pay app.

The reason is to allow Google Pay users to apply for so-called Plex accounts, which are checking and savings accounts, from 11 banks through the app.

Bloomberg cited sources saying that Google's Plex plan has been delayed as executives including Vice President Caesar Sengupta have left the company.

It also reported that Google's decision is a loss for Citigroup, which had been promoting collaboration with them.

A Google spokesperson said in a statement, "The work done with partners has made it clear that consumers want a simple and secure digital payment method for online and offline transactions," adding, "We are improving our approach to focus more on providing digital support to banks and others rather than offering such services ourselves."

Citigroup also stated, "We respect Google's decision to improve the strategy regarding Plex and hope to find other opportunities to work together."

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