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Google Pay gets a complete makeover to try to handle all of your finances

Google Pay is getting its biggest update to date. Today, the company announced that it is completely updating the application for its wireless payment system, maintaining the same capabilities as before sending and receiving payments, but also turning it into an all-in-one money management application.

In Google’s own words the new app is built around your relationships with people and businesses “and” it helps you save money and gives you an idea of ​​your expenses “Next year you will also be able to apply for a Google bank account, something we first saw that was talked about about a year ago.

The old Google Pay app is divided into several sections showing your collection of cards and recent transactions. Instead, the new app almost behaves like a messaging app in the home section, allowing you to see the people and businesses you exchange money with most often.

For example, click on a person or group of people and you will see transactions arranged in bubbles, similar to a chat. You can pay, request money or split an account, but you can also send them a message directly in the app. In group chats, you can see who contributed to a split account and who didn’t; this will help you stop a friend who is trying to get away with not paying for dinner.

In the case of business, you can see your recent activity, as well as have quick access to your reward and offer card. It looks like Google is also planning to turn Google Pay into something like a coupon center, allowing you to apply one-touch promo codes and automatically apply them when shopping in business.

The more interesting updates are in the new financial management system of the application. If you connect your bank and cards to the app, you can see cost trends and insights to let you know if you’re spending too much money on tacos. You can really look for “Mexican restaurants”, for example, as well as things like “groceries” or “last month” to get a clearer idea of ​​your finances. Google can probably use the vast amount of business data accumulated over the years to provide a more accurate picture of your costs.

Finally, the company says it will launch “first mobile” Plex accounts in 2021. These bank accounts are administered by established banks and credit unions, starting with 11 institutions next year, but with a turnaround at Google.

The company says check and savings accounts offer “no monthly fees, overdraft or minimum balance requirements and helps you save more easily towards your goals. “There is little other information so far.

Of course, Google is far from the only application that provides such information. The proof will be in the pudding to see if it can be better than the existing options, but Google Pay has a slight advantage as a home field, as it is the same app you can now use to send money or contactless payments .

Then there is the question of whether you would really trust Google with so much information about your costs. The company says it has built-in security features, such as alerting you if you’re sending money to the wrong person, and offers a series of privacy controls to customize your experience.

Google says that “will never sell your data to third parties or share your transaction history with the rest of Google for ad targeting. “The last part is especially important, but we have to see if people will be able to overcome the transmission of more information to the big G; not least because Google has a reputation for killing projects.

The changes will be introduced from today, first on Android and iOS in the US, and other regions will follow.

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Published on November 19, 2020 – 01:24 UTC

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