MOUNTAINVIEW, Calif.–Google has reportedly abandoned plans for its new “Plex” bank accounts--which it introduced in 2020 and on which it partnered with Stanford FCU—even though the other partner, Citigroup, reported more than 400,000 people were on the waiting list.
“Plex” bank accounts were originally designed as a checking account that could be used in sync with Google Pay, noted the Wall Street Journal. CUToday.info earlier profiled the partnership with Stanford FCU here.
Plans had called for launch of the service in 2021.
“These special bank accounts would have offered a physical card and focused on ‘financial wellness’ and simplicity without monthly fees or overdraft fees,” the Journal said.
At the time of introduction, Google described Plex as a “mobile-first bank account integrated into Google Pay.”
The Wall Street Journal said sources had told it that Bill Ready, who was leading the project at Google, was “concerned that Plex could make other banks think that Google was out to compete with them since it played a lead role in building the product.”
Shift in Focus
A Google spokesperson told the Journal the company would shift its focus to “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
A Citigroup spokesperson told the Journal that more than 10,000 people were joining the waiting list for Plex accounts each week, and that the waiting list had amassed over 400,000 people. Citigroup further said it “look for other ways to work with Google in the future.”