Google has launched a completely revamped version of Google Pay. The new version is focused way ahead of contactless payments and the rollout has already started in the US on Android and iOS. Global rollout should follow soon.
As per Google, the app has been redesigned around your relationships with ‘People’ and ‘Businesses’. The new app not only helps you save money and gives you insights into your spending, but it’s also built with multiple layers of security to keep your money and information private and safe.
There’s now a new option to pay friends and family members that is based on your contact list. You can also search for local retailers who accept Google Pay or in some cases, even order a meal directly from the app.
Google says that if you need to split dinner, rent or other expenses with more than one person, you can create a group, split the bill, and keep track of who’s paid in a single place. Google Pay will even help you do the math on who owes what.
The Google Pay app is now also integrated with Google Photos and Gmail, which means it can now fetch paper receipts of which you would have clicked pictures of.
Saving and Organizing the transactions
Google now also helps you save money by automatically suggesting coupon codes for brands like Burger King, Etsy, REI Co-op, Sweetgreen, Target, Warby Parker and more. If one chooses to connect their bank account or cards to Google Pay, the app will provide periodic spending summaries and show their trends and insights over time, giving a clearer view of finances.
Google Pay now also has the ability to organize your transactions and spendings on the app. Which means now you can search for specific keywords within the app, such as “food,” “last month,” or “Mexican restaurants” and Google Pay will instantly find the relevant transactions.
Securer and more private
Google Pay now sends you an alert when you are paying a potential stranger. According to Google, now when you sign up for Google Pay, you choose whether you’d like to use your transaction history to personalize your experience within the app.
The setting is off by default, but you one can turn it on or try it for three months to see if they like it. At the end of three months, one can decide if he/she wants to keep it on or off.
Google is working with trusted financial institutions to create a new mobile-first bank account integrated into Google Pay, called Plex.
Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily. This feature is coming in 2021.