Google competes with Venmo and enters consumer finance

Google announced, on Wednesday, a new step that allows it to delve more into the field of consumer finance, and compete with popular services in this field, such as: Venmo.

The US tech giant said it would allow users to open bank accounts, pay friends, and manage budgets through the new version of Google Pay.

Google has partnered with Citi and Stanford Federal Credit Union to launch a mobile banking account service, saying it plans to partner with 11 other institutions next year.

The company explained that the Google Pay application will also allow users to exchange payments between users, a feature that made the Venmo application and Cash from Square company household names with the PayPal service as people switched to digital payments during the novel coronavirus pandemic, COVID-19.

The Google announcement is seen as the latest step in the world of finance from major tech companies, as rival Apple earlier launched its iPhone-integrated credit card with Goldman Sachs Bank last year.

Facebook allows users to make payments via Messenger in a number of markets.

It is mentioned that there are no monthly fees, overdraft fees or minimum balance requirements in Google checking and savings accounts called "Plex."

Users can also request a physical debit card, and the card will be operated via the MasterCard network, and the Wall Street Journal reported that the partnership was in the making last year.