Google is inching closer towards fully entering the online money transfer business. Currently the leaders with a large percentage of the market are PayPal but Google is definitely planning to give PayPal a serious competition in the future. In the next few weeks it will become possible for people to send money to each other via their Gmail accounts. This new feature hopes to make online money transfer greatly accessible to the public and create an easy interface online to transfer money.
How will this Work:
The Google Wallet is an online product by Google in the market since 2011. This is a mobile payment system that stores various debit cards and credit cards as well as promotional cards like loyalty cards, gift cards and also offers on their mobile phone in their “Google Wallet” and then use them to pay for items. This Google Wallet service works in many locations and on select mobile phones. Now however Google has increased the scope of this service product by linking or integrating the Google Wallet with their popular online email product Gmail. Gmail is today used by a large percentage of email account holders due to its easy user interface and attractive features.
Basically in simple terms there will be a new Google Wallet feature on the Gmail account. The Google Wallet feature asks your credit or debit card information and connects to your bank account. Through this feature people will easily be able to send money via the email account to another email address. Google claims that it will be possible to send money to people who do not have a Gmail account also. When you go to compose mail there will be a dollar sign symbol next to the attach file symbol at the bottom. Click on the symbol and simply enter the amount you want to attach with the mail.
The Gmail account will be linked to the Google Wallet account which will be linked to the bank account. So the sending and receiving of money will take place from the bank account indirectly. So when one uses this facility one must follow proper safety and security measures and steps that are prescribed by Google. This will help keep the account secure.
This is a great new feature introduced by Google for their Gmail online email service. If this becomes popular it will help easy transfer of money between colleagues, friends and families and also people will be able to pay for goods and services via gmail.