Not only has Google released a completely new Google Pay app for US users on both iPhone and Android, but the've also minted a new mobile banking service. Called Plex, it provides online bank accounts at one of 11 partner banks and credit unions, with no minimum balance requirements, overdraft charges, or monthly fees.

Aside from those, the primary advantage is that Google Pay gets access to your banking transactions, which means you can get AI-powered financial insights if you're comfortable with Google having access to that data.

Plex isn't live just yet, but you can sign up for the waitlist in the new Google Pay app. You'll then be notified as soon as a Plex Account can be signed up for.

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Overview of Plex Accounts

Account opening is fast and frictionless.
No monthly account fees, no minimum balance requirements, and no overdraft.
An intuitive approach to goal planning with AI-powered insights is designed to help customers save more, set savings goals, and become more financially healthy over time.
Instant digital Mastercard debit card, and upon request, a physical, contactless debit card.
Real-time balance, transaction, and purchase alerts, as well as the ability to dispute transactions.
Seamless P2P capabilities for one-time, recurring, and group payments.
Access to Citi's nationwide network of over 60,000 fee-free ATMs, the most by any major bank.

Step 1: Install the New Google Pay App

Whether you're a legacy user or a new convert, you'll need to get the new Google Pay app. This is actually a separate app listing from the old Google Pay. Google had previously made this app available in India under the name Tez, but now it's going global while taking the Google Pay name, and the old app is getting sunsetted.

Head over to your respective app repository and install it. Sign-in with your Google account and follow the on-screen instructions to get started.

Install Google Pay: Android (free) | iOS (free)

The new Google Pay app (top), not to be confused with the old app (bottom).

Step 2: Access the Insights Tab

The app opens to the Pay tab by default. To the left is Explore, where you can scan products and QR codes and find reward offers. To the right is Insights, where you can connect an existing bank account to get analysis on your spending habits. The Insights tab is where you want to be for this task, so tap it.

Step 3: Sign Up for the Waitlist

On the Insight tab, scroll to the bottom to find the Plex Account menu. Tap "Join a waitlist for a Plex Account" to proceed.

On the Plex page, you'll find options to join the waitlist for a Plex Account. Only Citi and Stanford Federal Credit Union (FCU) are available at the moment, but more will arrive in the future.

Select the account(s) you are interested in, then tap "Join" to complete the process. Tap the "X" at the top left of the screen to return to the Insights tab, where you'll see that your waitlist status has been updated. In the future, you'll receive a notification from the Google Pay app when a Plex account becomes available, which you can then tap to start the signup process.

Cover image and screenshots by Tommy Palladino/Gadget Hacks

Google Pay

How to Pre-Register for a Plex Account Through the New Google Pay App