Google has recently announced that it is transforming its Google Pay app into a personal finance powerhouse. The new app will provide users with various options such as budgeting money amongst other things.
Google’s revamp focuses on making transferring funds for users and businesses much easier with a new group payment feature in a similar fashion to Venmo.
The app will allow users to pay the bill at commonly used outlets such as restaurants and gas stations while they can also redeem money off discounts and other promotional offers. However, money transfers can only be seen by users and the recipient.
The app has other practical offers and new features too. For instance, it will now be possible to order and pay for meals from over 100,000 outlets across the US directly. In addition, the new app will offer a feature where it will automatically catalog your transactions.
For added convenience, this functionality will also extend to receipts stored in Gmail. This feature will be most useful for those people who want to make expense claims and be on top of expenses without the need for a wallet full of paper receipts.
Another useful feature is that the Google Pay app can now give an insight into your spending. This will be quite similar to other budgeting apps today. its new tool will allow you to get financial information from your other connected bank accounts.
Google will soon add more functionalities to Google Pay by partnering with 11 banks. So the users will able to keep a lookout for a new bank account option next year.
Google Pay says that the app will be rolled out during November for both Android and iOS users. The company is hoping to boost the ranks of the software application which currently hosts 150 million users.