Google Shelves Plans for Bank Accounts in Revamped Pay App
- Move is a setback for Citigroup, a partner on the project
- Google will focus on helping other companies provide services
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Alphabet Inc.’s Google is shelving plans to add bank accounts to its payment app, becoming the latest tech giant to dial back its ambitions for financial services.
For years, Google has said it’s working on adding bank accounts from partners such as Citigroup Inc. and Bank of Montreal to its revamped app. The idea was that Google Pay users would be able to use the app to apply for so-called Plex checking and savings accounts from 11 banks.