The upcoming update to the Google Pay app won't be arriving alone. At least not according to recent reports. Google will also be announcing a new service for the Google Pay app that it calls Plex Accounts.
Seemingly a play on the words Pay and Flexible, Plex Accounts will do just that. In effect, adding flexibility to make money-management in the new Google Pay easier. Upon installing the new Google Pay app — which isn't available just yet for everybody — users are met by a new 'info screen'. That informs them about a new product billed as "Banking meets Google."
Once the Plex Account has been loaded up, the tool essentially makes it easy to access all transactions with Google Pay or associated cards. Those are automatically organized, sortable, and searchable. For instance, users can organize or search by category, location of purchase, or month. Each transaction is clearly labeled and detailed.
Users can check their Plex Account checking and savings balances at the top of the page. And the UI also provides options for adding, moving or otherwise managing money. Including options to access account details, lockdown cards, and manage the account itself. Additionally, there's an activity feed showing past transactions.
Google Pay Plex Accounts will also have their own partner cards!
But that's not all. All of the new features are tucked behind dedicated bank accounts co-created by Google and partner banks. Those come with their very own card too, pictured below.
Users can set the free-to-open account up with checking and savings. The latter includes the ability to set up customizable goals with milestones to help encourage saving. And there are even options to round-up transfers from transactions in order to fill in those milestones more quickly. Summarily, rounding up purchases made with the card to a full dollar amount and putting the difference in the Plex Accounts savings goals.
The accounts are also, according to reports, free to use. There are no fees for monthly service, low balance, overdraft, or in-network ATM use.
When will this arrive?
As of this writing, waitlists to get started with Plex Accounts are already opening up for those who have access to the new invite-only Google Pay app. Google has partnered with Citi and Stanford Credit Union, with nine other partner banks listed for starts. Plex Accounts themselves will arrive in 2021 and could be one of the most useful such apps on the Play Store. But no specific timeframe has been set or provided.