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Image: Google

Google announced a significant expansion of its Google Pay service on Wednesday, adding peer-to-peer payments to its contactless payment system as well as a partnership with banks to incorporate banking and checking services next year.

Why it matters: Contactless payments can be a gateway to other financial services, as Apple has shown by expanding from Apple Pay to Apple Card.

Details: Google unveiled a bunch of new features for Pay, including:

  • Splitting a bill and other peer-to-peer transactions.
  • The ability to track spending and do other personal finance tasks, including searching for transactions by keywords such as "pizza" or "last month."
  • A new kind of mobile-first bank account, called Plex, in partnership with banks, coming in 2021.

Between the lines: Bankrate industry analyst Ted Rossman called the move "an ambitious play for a wide spectrum of consumers' financial needs."

  • "Because the Google Pay app is available for Android and iOS phones, this is going to heat up the competition between Google and Apple," Rossman said in a statement.

Yes, but: Some critics warned that the move could further entrench Big Tech's market power and influence.

  • "It is a nightmarish example of the ways monopolies like Google can bully their way into new industries and it will open the door to all kinds of abuse," said Graham Steele, Senior Fellow at the American Economic Liberties Project.

Go deeper

Dec 1, 2020 - Technology

Facebook, Google push deals despite antitrust scrutiny

Illustration: Eniola Odetunde/Axios

Facebook announced Monday that it has purchased a customer service chatbot startup called Kustomer. The app reportedly cost Facebook $1 billion, the same amount it paid for Instagram in 2012.

Why it matters: The deal is the latest sign that the world's biggest tech companies, despite facing enormous antitrust scrutiny globally, will not stop buying up other companies.
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What COVID-19 vaccine trials still need to do

Illustration: Sarah Grillo/Axios

COVID-19 vaccines are being developed at record speed, but some experts fear the accelerated regulatory process could interfere with ongoing research about the vaccines.

Why it matters: Even after the first COVID-19 vaccines are deployed, scientific questions will remain about how they are working and how to improve them.

2 hours ago - Podcasts

Faces of COVID creator on telling the stories of those we've lost

America yesterday lost 2,762 people to COVID-19, per the CDC, bringing the total pandemic toll to 272,525. That's more than the population of Des Moines, Iowa. Or Baton Rouge, Louisiana. Or Toledo, Ohio.

Axios Re:Cap speaks with Alex Goldstein, creator of the @FacesofCOVID Twitter account, about sharing the stories behind the statistics.