Google on Wednesday released a completely redesigned Google Pay app in the US for Android and iOS. Google said the three main areas for the redesign were simplicity, security and privacy, as well as financial and other service collaboration.
The Google Pay app has more than 150 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 to manage personal finances and find purchase agreements.
The range of new features within the app is divided into three new tabs: Pay, Explore and Insights. The "Pay" tab contains the application's peer-to-peer payment service and history transactions. The Explore tab acts as a repository of offers and discounts. The Insights tab, meanwhile, allows users to sign in to their bank accounts for personalized financial management.
Google is also working with 11 banks to launch Plex, which is described as a mobile bank account with no monthly charges, overdrafts or minimum balances. With the debut expected in 2021, the Plex accounts will belong to banks, but the management will be done by the Google Pay application. Plex launch partners include Citi and Stanford Federal Credit Union.
Caesar Sengupta, GM and VP of Google Payments, said the new app was created with an emphasis on confidentiality and security. For example, users can customize their security settings based on personalization, reward offers and access to contacts. Security settings have also been centralized to make them clearer and easier to use. Google also noted that payment transactions in the application are not disclosed and that users will receive security alerts if they send money them to the wrong person. Google Pay also uses identification and tokenization of many factors.