Google announced that it is abandoning plans to provide banking services to customers directly.

This shift is almost two years since the company announced its bank plans. It also comes several months after an executive responsible for the project quit the company and decided to start his own.

2020 GoogleGoogle Pay App will let you open a bank account using your smartphone. It is partnering with Citigroup (Stanford Federal Credit Union) and starting in 2021. Google claimed at that time it was offering a service called “Plex”Savings and checking accounts with no minimum balance, overdraft fees or monthly fees. A physical debit card would also have been available for users to request. MastercardThe network of the company told CNBCAt the moment. 

The Wall Street Journal was first reportedThe news broke Friday about the scrapped plans. It stated that a number of deadlines had been missed and the Google Pay executive responsible for the project’s oversight caused it to collapse. 

Google spokesperson said that they confirmed the reports to CNBC, but did not comment on the exit effect of the executive.

CNBC received an email from a spokesperson for Google, saying that their work has shown it was clear that customers want seamless and secure digital payment options for both online and in-store transactions. “We are updating our approach so that we focus more on providing digital enablement to banks and financial services providers, than serving as providers of these services.”

Google has made financial services a key customer focus area through its cloud division.

Although banks are concerned that tech companies will attempt to infiltrate consumer finance, as they did with media advertising and other industries, the threat has not yet materialized.

Amazon had reportedlyThe company considered offering its customers bank accounts in 2018. However, this project has not yet materialized. Uber reined inWith the resignation of Peter Hazlehurst as executive, Facebook ended its fintech ambitions. Facebook needed to rebrandIts crypto-project was hit by a number of setbacks.

Apple stands out as a notable exception. In 2019, Apple launched with Goldman Sachs a credit card and it is now reportedly available. exploringYou can buy now but pay it later with your bank.

Caesar Sengupta (ex-Google vice president, general manager of Google Payments and Next Billion Users), told CNBC in 2020 about the company’s plans for banking.

According to his website, Sengupta quit Google in March for his financial tech startup called Arbo Works. LinkedIn. He’s been able to hire several Google longtime workers since then according to LinkedInArbo Works website.