Google has put the brakes on a plan to add mobile banking to its Pay app, even as the market for online financial services for everyday investors heats up.
The company has completed work on its Plex project, but continues to look for ways to integrate financial services, a spokesperson said Friday confirming a Wall Street Journal report.
Plex reportedly allowed the Pay app to act as an interface for banks or credit unions, allowing users to access their savings and checking accounts.
Google’s development of the project came as a number of internet companies, from Amazon and PayPal to Square and Robinhood, followed a trend of providing financial tools for shopping, borrowing or investing online.
“We are updating our approach to focus primarily on providing digital empowerment to banks and other financial service providers rather than serving as a provider of those services,” the spokesperson said in response to a survey by the AFP.
“We are convinced that this is the best way for Google to help consumers have better access to financial services.”
Google said late last year it was working with nearly a dozen credit unions and banks, including Citigroup, for inclusion in its Plex project for its Pay mobile app available on Android smartphones. .
The Pay app allows users to pay for transactions, send money to friends, and store loyalty cards, among other benefits.
About 400,000 people had signed up for a waiting list for Plex, according to the Wall Street Journal.