Google has halted further implementation of plans to include mobile banking in its pay app, though the market for online financial services heats up for everyday investors.
According to global media reports, the company has confirmed that it has completed work on its Plex project, but is looking at ways to integrate financial services.
Plex allows the Pay app to act as an interface for banks or credit unions, allowing users to check their savings and accounts.
The Google development of the project came as many internet firms from Amazon and PayPal to Square and Robin Hood are on the trend of providing financial tools for buying, borrowing or investing online.
“We’re updating our approach to focus primarily on delivering digital enablement for banks and other financial service providers rather than us serving as provider of these services,” AFP quoted the spokesperson.
The Pay app allows users to pay for transactions, send money to friends, and store loyalty cards, among other advantages.
About 400,000 people had registered on a waiting list for Plex.