"The new app is designed around your relationships with people and businesses", Caesar Sengupta, general manager and VP of payments at Google, wrote in a blog announcement.
And when you sign up for Google Pay, you choose whether you'd like to use your transaction history to personalize your experience within the app. For those who have a bank account or cards connected to Google Pay, the app will now provide periodic spending summaries and show trends and insights over time, similar to how Apple Card works in the Wallet app on iOS devices.
Google is partnering with different banks and financial institutions to create a mobile bank account, called "Plex", managed through the Google Pay app. Starting next year, institutions including Citi, BBVA, and the Stanford Federal Credit Union will offer the Plex accounts, which come with no monthly fees or overdraft charges, CNBC reported. Google is partnering with 11 financial institutions for "Plex", a bank account integrated in Google Pay.
Spain-based fintech Pecunpay has launched the payment service known as Xpays, which enables mobile payments through Apple Pay and Google Pay. You can also get cash back (or more offers) when you redeem and activate offers from within Google Pay, plus you'll find loyalty programs built-in. After about five years in the market, Google Pay now has about 150 million users in 30 countries.
Finally, a new Mint-like Insights section in the app has been added to show all your spending habits. You will be able to search for things like "food" or "clothes" or "supplements" and see exactly how much you've spent on each item.
The app will use artificial intelligence to make it easier to search through purchases.
The team also worked with the Google Lens team to now let you scan products and QR codes to look for potential discounts.
Alibaba Group, Apple Inc, Samsung Electronics Co and PayPal Holdings Inc also offer mobile wallets aiming to be hubs for shopping and banking, with the companies battling over security and other features. Now, if you use Google Pay to buy stuff or even pay for bills you can earn rewards - though details on these rewards are currently slim. The US will be the first market to get the update. As Google develops relationships with banks in other regions, the feature will start gradually rolling out to users in the United Kingdom and Europe.