Google Pay received a significant update the week of Nov. 16 as it introduced the Google Pay App, which focuses on personal and consumer finances. The payment app plans to offer mobile banking accounts, in partnership with national banks and credit unions starting 2021.
The new app will provide services like peer-to-peer payments, track and manage budgets and receive insights on spending. The move has put Google Pay in direct competition with Venmo and Square.
The payment app will help consumers organize and save funds. Google Pay has partnered with over 100,000 restaurants and 30,000 gas stations to offer deals through the app.
The tech giant also has plans to roll out co-branded checking and savings accounts with Citibank and Stanford Credit Union. Customers can open a Googl…