Everything goes: access to and control over SMS, access to sensitive log data, access to all the information from Google apps the list goes on. It also sees regular updates, and the number of permissions it requires is impressive. However, it is installed by default on all Android devices. When you attempt to open it, nothing will happen.
Google Play Services is not an app in the way most people think of apps. My Google Play Services is consuming battery, what to do?.
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