Google Pay to soon let users check bank accounts on app

Google Pay is built on the UPI (Unified Payments Interface) platform. With a UPI-enabled wallet, you can transfer money to the recipient without requiring their bank account details. You can use Google Pay to pay and receive money instantly using your existing bank accounts.

The feature is like “Transfer money, pay your utility bills like phone, electricity, Pay for businesses like DTH, food delivery, Recharge your prepaid mobile phone, Pay your AdWords bills “

We’re exploring how we can partner with banks and credit unions in the U.S. to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account Former Google Pay employees said the company faces a massive challenge gaining users for payment tools in locations such as the United States that have robust financial products already. High-interest rates on deposits or major loyalty perks could become important incentives for Google to draw consumers, the former employees said.

Source: www.hindustantimes.com

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