Available now in the U.S., the redesigned Google Pay Android and iOS apps focuses less on the user's cards than their relationships with friends and businesses. The revamped app is now in an invite-only "Early Access" and, comes with a redesigned homepage subdivided into two sections - "People" and "Businesses".
The new version of Google Pay will have three main tabs, including Pay, Explore, and Insights. The new app not only handles transactions but also allows you to keep a check on your daily expenditure.
Looking ahead, Google is working with financial institutions to create a mobile-first bank account dubbed Plex.
The Google Pay app has been redesigned with a special focus on personal finance.More news: Pfizer-BioNTech vaccine deliveries could start 'before Christmas'
Google's old Pay app will be discontinued eventually.
It has also been integrated with Google Photos, which allows it to retrieve any paper receipts that users may have photographed.
The updated app allows users to search for local retailers who accept GPay, order a meal directly from the app, automatically apply store discount codes, etc. You can even create group "chats" to easily split a bill at the restaurant or the monthly rent with your roommates. This means that users won't be able to use the app simultaneously on multiple devices. And if you connect the app to your bank account, Google Pay will give you a clearer view of your finances with spending summaries, trends, and insights over time.
As far as privacy is concerned, Google claims that it "will never sell your data to third parties or share your transaction history with the rest of Google for targeting ads".More news: BioNTech/Pfizer to seek emergency approval for coronavirus vaccine within days
Perhaps most interesting, Google will soon offer Pay users access to a new mobile-first bank account called Plex in partnership with financial institutions.
Another major feature announced by Google is the Plex bank account, which will start in 2021.
The Plex Accounts for United States consumers will be offered with no monthly fees, overdraft charges or minimum balance requirements, according to Google, which said 11 banks and credit unions were participating.
Anyone with an NFC-enabled Android phone can now link their Bunq-issued cards to Google Pay for physical as well as online payments.More news: Bombshell interview of Princess Diana on her troubled marriage to be probed