Fintechs fidget as Google launches new Pay App

By David Alonge

Digital tech giant, Google is set to launch a new pay app, Google Pay, with a Live video announcement in strengthening its digital bank accounts goal.

The video premieres today, Wednesday at 9:27 AM(PT) (18:27 Nigeria Time) on Google’s YouTube Channel. The video is currently pending a livestream starting at that time and the video’s description says:

“We invite you to watch live and learn more about the new Google Pay app, designed to help you improve your relationship with money. It’s coming to Android and iOS, starting in the US.

Link to the YouTube page (https://youtu.be/A2hL32k7Y0I)

According to Google, “this falls in line with the smart budgeting features that are expected when Google Pay starts offering digital-first banking accounts that are accessed primarily through an app.”

The features of the pay app have not been fully stated. However, it is expected to expand Google Pay beyond the current NFC-based payment to full digital payment system, making ways to personal finance and banking.

Looking at Google’s resources, data, and infrastructure, this initiative will no doubt pull off launching a ‘Google Bank’ of sorts, thus, setting a bigger challenge to Fintech companies when it eventually gets to Nigeria.