“It’s not about long lists of transactions or weird numbers. “You’ll notice that everything in the product is built around your relationships,” Caesar Sengupta, Google’s lead for Payments and Next Billion Users, told me. Paying friends and businesses was obviously always at the core of Google Pay - but the emphasis here has shifted a bit. And the third is getting insights about your spending so you can stay on top of your money.” The second is to explore offers and rewards, so you can save money at shops. One is the ability to pay friends and businesses really fast.

“The three things are three tabs in the app. “What we’re doing in this new Google Pay app, think of it is combining three things into one,” Google director of product management Josh Woodward said as he walked me through a demo of the new app. The launch partners for this are Citi and Stanford Federal Credit Union. The banks will own the accounts but the Google Pay app will be the main conduit for managing these accounts. Called Plex, these mobile-first bank accounts will have no monthly fees, overdraft charges or minimum balances. Google is also partnering with 11 banks to launch a new kind of bank account in 2021. With today’s update and redesign, Google is keeping all the core features intact but also taking the service in a new direction with a strong emphasis on helping you manage your personal finances (and maybe get a deal here and there as well). After about five years in the market, Google Pay now has about 150 million users in 30 countries.

Over time, the company added a few more features on top of that but the overall focus never really changed.

Like similar phone-based contactless payment services, Google Pay - or Android Pay as it was known then - started out as a basic replacement for your credit card.

Google is launching a major redesign of its Google Pay app on both Android and iOS today.

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