Google is abandoning plans to pitch bank accounts to its users, marking a retreat from an effort to make the tech giant a bigger name in finance.
unit announced almost two years ago that users of its Google Pay digital wallet would be able to sign up for enhanced checking accounts and debit cards at a handful of financial institutions large and small, including
and Stanford Federal Credit Union.
The new offerings, called Plex accounts, would sync with Google Pay, carry both Google and bank branding and provide a digital dashboard of where and how users spent and saved. Plex was billed as a new way to bank, with an emphasis on simplicity and financial wellness and without monthly or overdraft fees.
The project was initially expected to debut in 2020. A series of missed deadlines, along with the April departure of the Google Pay executive who championed the project, prompted Google to pull the plug on Plex, people familiar with the matter said.
A Google spokeswoman said the company would now focus primarily on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
Google pushed into financial products alongside a number of Silicon Valley giants looking to deepen their ties…