Google Updates Pay App To Include Bank Accounts

(RTTNews) - Tech giant Google on Wednesday unveiled an updated Pay app, which will now allow users to open bank accounts, pay friends and manage budgets.

Google partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts and said it plans to add 11 new partner institutions next year. Google Pay will also let users send peer-to-peer payments.

Caesar Sengupta, General Manager & VP, Google said, " Today we're taking an important step forward in our quest to make money simple, secure and helpful. Starting in the U.S., we're launching a redesigned Google Pay app on Android and iOS. The new app is designed around your relationships with people and businesses. It helps you save money and gives you insights into your spending. It's built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions."

User will also receive promo offers and discounts from Burger King, Etsy, REI Co-op, Sweetgreen, Target, Warby Parke and more through Pay. The discounts can be activated with a tap and can also set reminders for deals that expire soon.