After a disastrous year for Google Pay, which included a botched app overhaul and high-profile resignations from the division, a report now says Google’s bank account plans are dead.
Plex, Google’s planned digital banking service, was officially announced in 2019 and advertised on the Google Pay website and app with a waiting list for users to sign up for. It would have been a “mobile first” banking app with physical cards, fewer fees, and lots of spending visualizations.
Google worked with Citigroup, Stanford Federal Credit Union and several other banks for the service, and not all agreed on the plan to discontinue Plex.
The reason for the cancellation appears to be the Google Pay shake-up that took place earlier this year. In August, it was reported that “dozens of employees and executives have left” the Google Payments team in recent months, including at least seven leaders on the team with high-profile roles of director or vice president.
For more information, you may view the original story from Arstechnica.