Google Expands Pay App With Bank Accounts and Debit Card

Alphabet’s Google said it expanded its Google Pay app to enable users to open back accounts, pay friends and manage budgets.

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Google Expands Pay App With Bank Accounts and Debit Card

The updated application debuted Wednesday.


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Alphabet partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts with plans to add 11 new partner institutions in 2021.

“Along with our bank partners, we were looking to make banking more relevant for the mobile-first generation,” Caesar Sengupta, general manager of payments at Google, told CNBC Wednesday.

“It will help our partners make banking more approachable to that generation, and not only make it more relevant, but make it more fun.”

Google will have so-called Plex checking and savings accounts, which have no monthly fees, overdraft charges or minimum-balance requirements.

People who sign up for Google bank accounts can request a physical debit card,

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The future of 401(k)s includes private equity investments and annuities, and even new products like money-market debit cards, Franklin Resources CEO Jenny Johnson told attendees of the Spark Forum Wednesday.

It’s a future in which remote work will be normal — even absent a crippling pandemic — and one where blockchain and artificial intelligence will be integral in the retirement plan business, Johnson said during the event, which was held virtually.

“In my 30-plus years in this industry, we’ve never experienced change like we’re experiencing now,” said Johnson, who earlier this year took the helm of what is now a $1.4 trillion asset management firm. Remote work “is here to stay,” she added.

The norm will be a hybrid work arrangement, in which employees are unwilling to make 90-minute commutes more than one or two days a week, she said. “Companies are going to have to be more accommodating to

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