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Google Pay is Changing the Way We Exchange Money

Episode 30: Google Pay is Changing the Way We Exchange Money

In this new episode of The RevolutionFI Podcast, Tim explains how Google Play is changing the way we exchange money.

“So, the question is this: How can 50+ folks like us, honest and hard-working, how do we manage our current responsibilities and still plan for retirement? 401ks alone won’t be enough and we don’t have 40 years to save, so how do we leverage our experience and wisdom to gain financial independence? That is the question, and this podcast will give you the answers. My name is Tim, and welcome to the Revolution. The RevolutionFI podcast.”

Google Play article from The Verge – https://www.theverge.com/2020/11/18/21571806/google-pay-relaunch-money-payments-finances-deals-offers-banking-plex 

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TRANSCRIPT:

Welcome to the Tuesday edition of the RevolutionFI Podcast. This is Tuesday Trends, and we are going to be talking about Google Pay, and are they changing the way we exchange money? I think they are. Before we get into that, just a reminder that if you have not grabbed the Solopreneur Formula Worksheet yet, make sure you head over to revolutionfi.com. Download that for free right now, and when you’re done, text me that last page, and I’ll give you some feedback. Alright, let’s get into this.

Google Pay is Changing the Way We Exchange Money

It’s an interesting article from The Verge, and I’ll have a link in the show notes. The title is Google Pay’s Massive Relaunch Makes it an All Encompassing Money App. This is quite interesting. From the article of The Verge, let me read a couple quotes here. “In 2021, Google will partner with some banks to directly offer fully online checking and savings accounts inside Google Pay, a service Google is calling Plex.”

My understanding of this is that you can do all of your banking and personal finance through Google Pay, you can link it to other accounts. This is pretty amazing. Also, from The Verge article, “Not all of these services are strictly new for Google, but this will mark the first time they’re unified into a single app. In doing so, Google Play is now arguably a direct competitor to a wide array of other apps and services, including Apple Pay, Samsung Pay, PayPal, Venmo, Square Cash, Intuit’s Mint, Simplify, Truebill, Shop, and also online banks like Ally.”

Plex Program Takeaways

That is a lot of companies that will have to contend with Google making a high profile push into their market. Now, certainly Apple and Samsung have the brand recognition as Google does, but some of these other smaller players might be in trouble here because we know that Google can throw around their weight. Here’s a few takeaways from this new Plex program, something to think about.

From theverge.com, they say, “Finally, in 2021, Google will launch a new banking service called Plex. It will let you handle basic checking and savings in the app, engaging directly with an online bank.” I think it’s important to note here that Google is not the bank, Google is connecting its app to a bank. That’s pretty impressive, and I think for most of us, being on a mobile phone almost all the time, I think you can see the advantages here.

Consolidating Services

I also think that if you’re looking to consolidate banking services and streamline your finances, this could be huge. I mean, this is also going to be an issue, but if you think about the amount of data that Google is going to be collecting, not necessarily big data or anonymous data, but your own data for your own use. Think of budgeting family budgets and spends, and think about how you can track everything if you’re doing all of your banking through one portal or one app or one device. I think that that could be a big advantage.

Here’s something else. These are bank partners coming on board that are big, I mean, City is going to be part of this stand, the Stanford Federal Credit Union, and there’s more. These are big banks who are going to be connecting to Plex through the Google Pay app. This is not a fly-by night bank, these are major institutions that are going to be partnering with Google.

Giving Up Some Level of Privacy

Now, I think what you’re probably thinking, and when I was certainly thinking as I read this piece, was that it does come back to privacy. Anytime you use a Google app, you are the product. Whether that’s Gmail, Calendar, or Docs, and I use all of this, you are giving up some level of privacy. I don’t believe that Google is going to exploit your financial information, but you have to understand that they are going to be collecting usage data. If that makes you uncomfortable, it’s definitely something you need to think about.

One last comment on this article that I think is relevant. In this article, we’re talking mostly about personal banking, checking, and savings accounts, but I don’t think it’s a stretch to see this moving into the business world. I think it would be extremely easy for Plex to turn into a Plex Business option, right, where you’ll be able to transact business through Google Pay.

Other Ways Google Pay is Changing the Way We Exchange Money

If you can think about all the applications of that, especially if your business is offline, if you’re looking for a way to connect to customers, send invoices, collect pay, and you’re doing that as a snow shovel or a grass cutter door to door, this could make it really easy for you to collect that money, so I think that’s on the horizon too.

It’s a very interesting application, and I’m going to be keeping my eye on it. Hopefully you will as well. That’ll do it for the Tuesday Trends episode. I’m going to be back tomorrow morning with a brand new book for the Book Club of the Month segment. That is going to be the $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau. This is a fantastic book. It’s been around for a while, and it’s become a new classic, especially in entrepreneurship circles. I will be back tomorrow for the very first segment of the Book Club of the Month. See you then.

Transcription by Otter.ai, please forgive the bot for typos and mistakes.

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