Affiliate links on Android Authority may earn us a commission.Learn more.
Your dreams about a real Google Pay bank account have just been canceled
July 12, 2025
If you had your heart set on having Google be in complete charge of your money, prepare for some disappointing news. TheWall Street Journalhas confirmed that Google Pay’s plans to launch a digital-only bank account called “Plex” have been canceled.
Related:The best Android budget apps for money management
The plan for Plex was for Google to offer checking and saving accounts via 11 banks and credit unions. The Google Pay app would allow users to have easier ways to save for big events. The accounts would have had no monthly fees, overdraft charges, or minimum balances. There were even plans to offer a Google Plex debit card.
However, none of this is going to happen.
What happened to the Google banking system?
TheWSJarticle stated that the current head of Google Pay, Bill Ready, was concerned that the plans for the Plex bank account could lead to issues with other established banks, who might think Google was trying to directly compete with them. A Google spokesperson didn’t confirm this series of events to theWSJ, stating simply that it would now work on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
However, there is evidence that the Google Pay division has also been suffering from lots of recent departures. This has been happening since the November 2020 revamp of the app which was not greeted with good reviews.Business Insiderreported back in August 2021 that Google Pay’s previous leader (and the person who spearheaded the launch of Plex) Caesar Sengupta, departed in April 2021. Since then, dozens of other major Google Pay team members have reportedly left as well.
TheWSJreport also got a statement from Citigroup confirming its involvement in Plex bank accounts had ended. It also oddly mentioned that prior to Google’s cancelation decision, Citigroup had over 400,000 people signed up for its Plex waiting list, with as many as 10,000 people still signing up each week. That seems to show that a Google Pay Plex account might have been a popular choice for consumers. Indeed, aForbesarticlequotes a study conducted earlier in 2021 by Cornerstone Advisors and Strategy Corps. It says that one in five users would have opened a Google Pay Plex account had it officially launched. Also, 33% of current Google Pay and Apple Pay users would have opened such an account.
Thank you for being part of our community. Read ourComment Policybefore posting.
