Google is rolling out a completely redesigned Google Pay app in the U.S. for Android and iOS on Wednesday. Google said the three main focuses for the redesign were simplicity, security and privacy, as well as partnerships in financial and other service areas.
The Google Pay app has more than 150,000 monthly active users in 30 countries, the company said. With the redesign, Google said its goal was to “make money safer for everyone” with new tools for managing personal finances and finding deals on purchases.
The range of new features within the app is spread across three new tabs: Pay, Explore and Insights. The “Pay” tab contains the app’s peer-to-peer payments service and transaction. The Explore tab acts as a repository for offers and discounts. The Insights tab, meanwhile, allows users to connect to their bank accounts for personalized financial management.
Google is also working with 11 banks to launch Plex, described as a mobile bank account that will have no monthly fees, overdraft fees, or minimum balances. Expected to debut in 2021, Plex accounts will be owned by banksbut managed through the Google Pay app. Launch partners for Plex include Citi and Stanford Federal Credit Union.
Caesar Sengupta, GM and VP of Google Payments, said the new app was built with a focus on privacy and security. For example, users can adjust their security settings based on personalization , reward offers, and contact access . Security settings have also been centralized in one place to be clearer and easier to use. Google also noted that payment transactions in the app are not made public and that users will receive security alerts if they send money to the wrong person. Google Pay also uses multi-factor authentication and tokenization
