On Friday, Wall Street Journal reported that Google decided to cancel its plans of offering its highly anticipated “Plex” bank service.
The banking service would be a digital checking account service, but after leadership changed at the giant tech company and missed deadlines, Google decided to drop the idea entirely.
Two years ago, Google announced that users of the digital wallet Google Pay would sign up for bank accounts with 11 partners, including CitiGroup and Stanford Federal Credit Union. The plan was to launch the service in 2020.
The services would have synced with Google Pay and would have allowed users the option to avoid monthly fees, minimum balance requirements, and even overdraft charges.
However, with the departure of Google’s vice president and creator of the project, Caesar Sengupta, as well as the missed deadlines, Google scratched the plan.
The Daily Mail reported that a spokesperson told the WSJ that the company is planning on redirecting its efforts to helping banks with technology.
Apparently, many people were waiting on the Plex plan. Citigroup said nearly 400,000 had joined the waiting list.
