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Google Enters Digital Banking Era With Launch of New ‘Plex’ Service

November 21, 2020

Google is teaming up with Citi to roll out the new Plex service, which offers online checking and savings accounts housed within Google Pay’s newly revamped digital wallet platform.

In a press release, the New York-based financial services giant reveals that with the Citi Plex Account, Citibank clients will be able to access their accounts directly within the Google Pay app.

Anand Selva, the CEO of US Consumer Banking with Citibank, says the firm is working with Google to offer its users a more streamlined mobile banking experience.

“Just over a year ago, we set out on a journey with Google to create an experience that is 100% digital, and different, in banking. The Citi Plex Account is designed to give customers an always-on, friction-free, personalized experience at their fingertips.”

Citi president and CEO Jane Fraser says the partnership is a venture to reach a new breed of customers.

“This collaboration gives us a platform to drive significant scale in our retail bank. By unlocking the power of our respective ecosystems, we can deepen our existing relationships and serve an exponentially larger and new generation of customers.”

Citi touts that Google Pay’s new Plex Account will not require users to hold a minimum balance in their account, nor will it penalize overdraft. It also comes with no monthly account fees.

In addition, the Plex Account offers the option to request the issuance of a digital Mastercard debit card that will be instantly accessible to the user.

To utilize Google Pay’s new digital banking features, users can download the app and sign up for the Citi Plex Account waitlist.

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