Google abandons plans to offer bank accounts to users
Summary
The shift comes nearly two years after the company first announced its banking plans and several months after a key executive leading the project departed. At the time, Google said it would offer a service called "Plex" checking and savings accounts that would have no monthly fees, overdraft charges or minimum balance requirements. "Our work with our partners has made it extremely clear that theres consumer demand for simple, seamless and secure digital payments for online and in-store transactions," the Google spokesperson told CNBC in an email. While banks have expressed fear that tech giants will seek to invade consumer finance as they have done with other industries like media and advertising, so far the threat has barely materialized. A notable exception is Apple, which successfully launched a credit card in 2019 with Goldman Sachs and is reportedly exploring a buy now, pay later product with the bank.