Google's recent decision to discontinue its GPay app and peer-to-peer (P2P) payments service in the US signals the end of an era for the revamped Google Pay.
Despite initial promises to streamline money management and bolster security, the app failed to deliver features like a mobile-first bank account.
Google has launched its digital wallet, Google Wallet, in India, offering a range of services including boarding passes, loyalty cards, event tickets, and public transit passes. This move comes as Google rebrands its payment app globally, but Google Pay will continue to be the primary payment platform in India. (Photo : Image via Google Wallet)
Google Discontinues GPay, P2P Payments
Google has officially discontinued its GPay app and peer-to-peer (P2P) payments service in the United States, according to 9To5Google.
The decision, initially announced in February, marks the end of the road for the redesigned Google Pay, which aimed to simplify money management and enhance security but fell short of delivering promised features like a mobile-first bank account.
Last June 4, users in the US were automatically logged out of the GPay app, which now redirects them to the Google Wallet app for tap-to-pay transactions.
Google has also ceased peer-to-peer payments in the US. After June, you can access the Google Pay website to check and transfer your balance, including received money or rewards, to your bank account.
The emphasis now shifts to Google Wallet, which aims to digitize your physical wallet's contents. However, finance tracking features similar to those in Google Pay are unavailable.
On the other hand, "Google Pay" remains the name for the service that facilitates physical or online transactions via your phone. The primary focus of the significant redesign was an app designed to revolve "around your relationships with people and businesses," featuring message-like conversations that functioned as a purchase history.
Additionally, users could monitor their bank account and credit card (via Plaid) in the "Insights" tab while numerous deals and cash-back offers were showcased.
During the November 2022 announcement, Google provided a sneak peek of co-branded checking and saving accounts called "Plex Accounts." Google collaborated with various banks and credit unions, including Citi, to implement this initiative.
These accounts were expected to include a physical card. Another significant feature included savings and the option to set up customizable goals. Users could create specific tasks with milestones to track their progress. For example, one option was to enable "round-up transfers" on all purchases to assist in achieving their goals.
In October 2021, Google announced the cancellation of the launch of its mobile-friendly financial service "Plex." This decision came despite having a waitlist of 400,000 people.
In canceling it, Google has previously said it would like to focus more on "delivering digital enablement for banks and other financial services providers" instead of becoming the provider of these services.
Google Wallet was launched in 2011, introducing a tap-to-pay system long before Apple Pay debuted in 2014. Supported by Mastercard and major retailers like Macy's, Google Wallet initially gained significant traction.
However, in 2015, Android Pay emerged, eventually merging with Google Wallet in 2018 and adopting the new name Google Pay. Interestingly, Google also introduced a Google Wallet card, discontinued in 2016, which acted as a prepaid debit card accepted at any retailer that accepted Mastercard.
Currently, all payment features are consolidated under the Google Wallet brand unless Google decides to make any changes in the future.
