Google Pay Gets a Redesign to Take on Venmo and Mint .
On Wednesday, a new version of the app was launched, .
Allowing users to manage budgets, open bank accounts and send peer-to-peer payments.
Google partnered with Citi and Stanford Federal Credit Union to offer its "Plex" mobile banking.
The company said it also plans to add 11 new partner institutions in 2021.
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Along with our bank partners, we were looking to make banking more relevant for the mobile-first generation, Caesar Sengupta, general manager of payments at Google, to CNBC.
It will help our partners make banking more approachable to that generation, and not only make it more relevant, but make it more fun, Caesar Sengupta, general manager of payments at Google, to CNBC.
Google Pay's new checking and savings accounts won't require a minimum balance.
There will also be no overdraft charges or monthly fees