Google is expanding the capabilities of the Wallet app to portray it not just as a mobile payment tool but is a prominent rival to competitors. Even with iPhone users now having Apple Pay, Android phone users have had Google Wallet using NFC tap-to-pay mobile payment technology. In an official blog post, Google announced that it has added two crucial features to its Wallet app.
The two new Google Wallet features are:
Add Money Automatically
Now you can add money to your Wallet balance automatically using recurring bank transfers. This feature will provide secure and rapid access to money and that too with no additional Google Wallet fee. One can schedule the recurring transfer from the bank account to the Wallet balance. Simply specify the amount to be transferred and the schedule can be set on weekly, bi-weekly or monthly basis. The transfers can also be cancelled before the scheduled time.
Currently, there are no fees or minimum balance requirements for the Google Wallet balance. In the official blog post, Google also claims that Wallet Balance is backed by 24/7 fraud monitoring and the Google Wallet Fraud Protection Guarantee.
The following illustration highlights the money transfer feature: