Google Pay gets major redesign; here's what has changed

The new GPay app was launched after a series of teasers on Twitter with a live stream.

Speaking about the update, Google said, "It's built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions."

The updated app allows users to search for local retailers who accept GPay, order a meal directly from the app, automatically apply store discount codes, etc.

It has also been integrated with Google Photos, which allows it to retrieve any paper receipts that users may have photographed.

The app has three tabs—Explore, Pay, and Insights. The Explore section will show deals and discounts.

The Pay tab will show users a list of their transactions, showing a stack of cards. Friends and businesses you frequently transact with will be visible under this tab.

Users can review their transactions and also create groups. So, if you need to split expenses with one or more persons, you can create a group and track your expenses under one window.

Users will be able to see an overview of their finances under 'Insights'. Google Pay will provide "periodic spending summaries and show your trends and insights."

However, this feature will be turned off by default, and users can choose to share this data to get a personalized overview of their finances.

Google vowed this data would not be shared with third-party apps.

Another major feature announced by Google is the Plex bank account, which will start in 2021.

This will allow users to open digital accounts on GPay, which Google called a "new mobile-first bank account integrated into Google Pay."

Plex includes checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements.

These will be offered by 11 banks and credit unions.