September 22, 2015
Soon after the launch of Android Pay and the redesigning of Google Wallet into an exclusive P2P payment app for Android users, Google has redesigned the same for iOS users as well.
With this, iOS users can now settle up their accounts with their friends and family by simply adding any US debit/credit card to the wallet and clicking on the send request. Once the money is received, the users can quickly cash out to their bank account using their debit card, or spend it instantly with the Google Wallet Card. The app’s interface allows you to quickly and easily view your Wallet balance and where you have spent your money. The interface also makes it easy to quickly send money to other people using the app.
Google’s Wallet is similar to PayPal, but there are some distinctive features like the user’s ability to withdraw money from participating ATMs using their Wallet Card. Google is going to roll out more information on this feature soon.
The reason which makes this service from Google unique is that it allows sending money to anyone in the US using only an email address; the person doesn’t even need to have/use the wallet service themselves.
The major competitors to this Google’s wallet service are PayPal’s new Pay.me service, Square Cash, Facebook, and Snapchat. With its focus on payments, Google is closely working with credit card networks, card-issuing banks and payments processors.
With so much happening around the P2P market space, Google can face a tough time gaining the trust of customers and retailers.