Google’s update to Google Pay includes enhancements to its Google Plex bank account—as big tech companies dive into banking, it jeopardizes the value proposition of digital-only banks like Chime and Varo.

The news: Google has shelved its planned Plex bank accounts, which it would have made available to Google Pay digital wallet users, per The Wall Street Journal. Plex accounts would have included:. Checking accounts and debit cards offered with partner financial institutions such as Citigroup and BMO Harris. The ability to sync with Google Pay. A digital dashboard displaying transactions.

Google Pay and Alipay, which is run by the financial affiliate of Chinese ecommerce giant Alibaba, ranked second and third, respectively. Venmo was No. 7, likely because the app is available only in the US. More like this:. Report: US Mobile Payments Forecast 2021. Article: India extends cashless payments with e-RUPI launch.

Google can use pring’s partner network to expand Google Pay acceptance. The number of proximity mobile payment users in Japan is projected to hit 27 million this year, up from 24.8 million in 2020, per Insider Intelligence forecasts.

Gen Z shows strong usage of digital payments, including Apple Pay, Google Pay, PayPal, and other P2P and electronic wallet services.

Biometric-authenticated mobile wallets like Apple Pay and Google Pay are exempt from the limit, which they could use to entice users who make higher-value contactless transactions to mobile.

Google Pay. Google Pay is set to maintain its pandemic momentum as it expands its features and becomes a top choice relative to its base. Google Pay reversed its historical lag through a major revamp last year.

It just partnered with Google to power a virtual Google Pay balance card. The card lets users spend their Google Pay balance at stores. The partnership might be the start of a budding relationship with the tech titan, especially as Google Pay expands its reach into the wider financial services sector—opening up opportunities for Marqeta. Marqeta also reaffirmed its relationship with Affirm.

In November 2020, the RBI imposed a cap on the share of Unified Payments Interface (UPI) transactions a single company, such as Google Pay or PhonePe, can process, with some exceptions. Companies have until December 2023 to comply with the central bank’s protocols.

It can do this by expanding its services through partnerships to reach more customers and boost volume—something it’s already been working on: Western Union integrated with Google Pay so US customers can send cross-border payments to users in Singapore and India, and it also partnered with Walmart to make its services available at the retailer’s US locations.

For example, Apple Pay and Google Pay both offer cash-back bonuses. Brands can also offer incentives such as discounts and free gifts in exchange for using a specific payment method. One of the ways brands and retailers are working to reduce ecommerce friction is providing more payment methods at checkout.

eMarketer principal analyst Mark Dolliver, junior analyst Blake Droesch and senior forecasting analyst Oscar Orozco discuss Facebook's "Messenger Rooms," how Quibi is doing, when people will comfortably resume certain activities, why the NFL draft broke records, Australia making Facebook and Google pay media outlets and more.

Consumers today have more payment options than ever. But, while mobile payment platforms like Apple Pay, Google Pay and Samsung Pay are increasingly gaining traction, the trinity of cash, debit and credit still dominate—especially with smaller, in-store transactions.

New technologies, such as AR, 5G, and more seamless buying through one-touch systems like Apple Pay or Google Pay, will continue to drive growth in the future. New channels—including social commerce, live shopping, and influencer direct selling—will also spur growth. What does this forecast mean for retailers?