Google Pay adds checking accounts, budgeting tools

Google is getting deeper into mobile banking with the addition of a rangeof new features, including embedded checking accounts and budgeting tools, in Google Pay. The brand new version now offers built-in budgeting tools to manage spending. The search giant's new addition aims to offer peer-to-peer transactions and edge further into personal financial services.

Google said in a live teaser that Google Pay's new functionalities is an extension of their original ventures into digital bank accounts from Citi and SFCU. It also plans to onboard eleven new partners in 2021 to add web based checking and savings accounts inside the app under a new service called “Plex.”

“Along with our bank partners, we were looking to make banking more relevant for the mobile-first generation. It will help our partners make banking more approachable to that generation, and not only make it more relevant, but make it more fun,” Caesar Sengupta, general manager of payments at Google told CNBC.

Google Pay added three new tabs that show transaction history, offer deals and discounts and connect users' bank accounts to allow them find overview of their finances and peer-to-peer payments. The app is also able to crawl other Gmail services like Gmail to look for receipts