Google ditches plans to launch banking app

Plans to open a all-in-one banking app have been ditched by Google

The tech company has stopped working on its Plex service, which works by allowing users to do their banking via the Google Pay app.

Google’s service was supposed to let users sign up and open new bank accounts offered by a selection of traditional banks. The user would then be able to manage those accounts via the app.

According to a report by the Wall Street Journal, Google canceled the project due to a series of missed deadlines and because an executive who pushed for the project left the company.

The Plex service wasn’t meant to put Google in direct competition with banks, according to reports that came out prior to the company revealing the program.

Instead, Google planned to partner up with financial institutions in order to provide the service, with those banks providing accounts with no monthly account fees or overdraft fees.

Like some other online banks, Google’s app would have let users set things like savings targets and automatic transactions. Some of the banks that the tech giant had hoped to partner up with include Citi bank and SEFCU.