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After reviving Google Pay in November of last year, Google has recently announced two new features - shopping options and spending insights. To offer new shopping options, Google has partnered with Safeway and Target to help users browse weekly deals on groceries at Safeway and Target locations from within the Google Pay app. Google Pay’s new spending insights tool comes a bit closer to what consumers may expect to see at their traditional bank.
Regardless of the shortcomings of today’s new features, both banks and fintechs should be wary of Google Pay’s next moves. The app’s embedded finance capabilities, including grocery shopping and added transit ticket purchasing, are a signal of what is to come. Similarly, if Google Pay continues to add more personal financial management tools, such as budgeting and retirement planning, consumers may want to spend more time within the Google Pay environment and less time in their traditional banks’ app.
https://finovate.com/google-pay-steps-up-embedded-finance-banking-tools/?utm_content=646536%2c646536
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