Google is still looking for a new bank. The search giant has been in the process of exploring different options for a while now, and it seems that it’s narrowed its choices down to two finalists: JPMorgan Chase and HSBC. JPMorgan Chase is the frontrunner because of its experience in banking and its ability to provide innovative services. HSBC, on the other hand, is known for its traditional banking products and services. The decision comes as no surprise, given that Google has been looking for a new bank since at least late last year. The search giant has been testing different banks in order to find one that would be best suited for its needs. The decision not to choose JPMorgan Chase or HSBC comes as a bit of a surprise, given that both companies are well-known and respected within the banking industry. However, Google seems determined to continue exploring different options until it finds the perfect fit for itself.
A Business Insider article talked about the issues facing the Google Pay team. According to the report, “dozens of employees and executives have left” the company, leaving the team in an unpleasant state. Even Caesar Sengupta, who was the leader responsible for the new version of Google Pay, left the company.
And it’s not just executives leaving Google Pay’s team, as the report says “that half the people working on the business development team for Google Pay—a group of about 40 people—have left the company in recent months.”
But that’s not going to deter Google and its Google Pay app. The company is still working on its own bank accounts, which the company is calling Plex. Through a partnership with Citibank, the company intends to bring full bank accounts to users. But like many parts of Google Pay, the progress has been “slower than expected.”
Whether users want a Google bank account remains to be seen, but if the shockingly low 3% market Google Pay has for NFC payments is any indication, it seems that most users are content to avoid Google for all things payments, at least for the time being.
