Google halts plans for Google Pay-based banking service
Google has stopped working on its Plex service, which aimed to let you do your banking through the Google Pay app. The service was supposed to let users sign up for checking or savings accounts offered by a variety of traditional banks that the user would then manage through the app. According to a report by the Wall Street Journal, Google canceled the project due to a series of missed deadlines and because an executive who pushed for the project left the company.
Plex wasn’t meant to put Google in direct competition with banks, according to reports that came out before the company revealed the program and information from its official announcement. Instead, Google planned to partner with a variety of financial institutions that would…