Two years after the first rumors appeared, Google abandoned the project to launch its own banking platform.
The source says that the Plex project was canceled on the initiative of the new head of Google Pay, Bill Ready. The reason is that Redi was afraid of problems with a number of large banks when the company launched its own service.
Rumors that Google might launch the Plex platform with the ability to open its own bank account directly with Google surfaced back in November 2019. In August 2020, BBCA USA announced that it was partnering with Google to create an FDIC-insured digital account. In November 2020, Google, along with the launch of an updated Google Pay app, announced the launch of a waiting list for registering Plex bank accounts through Citigroup or SFCU.
The implication was that Google would offer regular and savings accounts through 11 prominent banks and credit unions. That said, there would be no monthly fees, overdraft fees, or minimum balance limits. There have also been plans to launch the Google Plex debit card. However, the project is closed.
Interestingly, a study was published earlier this year indicating that one in five Google Pay users in the US would have opened an account with Plex if the platform were launched.
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