BankTech

Google Updates its Wallet App to add more Useful Features

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:

google wallet feature 1

Set Up Low Balance Alerts

Now one can keep track of the Wallet balance using the Low Balance Alerts feature. User can specify a threshold amount and if Wallet balance goes below it then the user will be notified immediately.

Here is an illustration highlighting this particular feature:

google wallet feature 2

The whole industry is abuzz with news regarding Apple Pay but Google Wallet remains a formidable player in the market; given that Google Wallet has invested around $400-$500 Mn and that 4000 sales people are working with merchants according to Tom Noyes.

ApplePay-Vs-Google

(http://blog.starpointllp.com/blog/?p=3989)

Google had also updated the Wallet service back in July to bring in features like:

  • Store gift cards in the wallet app
  • Request money from other users
  • Send money using debit cards, free of cost

Last month, Brierley, a leading loyalty and CRM services technology company, had announced its integration with Google Wallet. Google Wallet’s capabilities had been seamlessly integrated with Brierley’s loyalty programs, including Brierley LoyaltyWare, an industry-leading technology solution for loyalty and CRM.

This past week has been tough on mobile wallet services with many retailers disabling NFC. Wallet services like Google Wallet do rely on NFC for prominent reachability in the market. Still, Google is bringing in something new to the Wallet service to maintain its user base as much as possible. With the current spotlight over Apple Pay being touted as the most effective contactless mobile payment tool, Google Wallet is trying to keep up by portraying that it still has more to offer to its users.

Ray

Ray has keen interest in the area of devices, OS and wireless technologies. He is a Mobile Technology enthusiast and believes that Mobility is going to completely change the way we do Payments and Commerce. He wishes to share this belief with the world by providing such content through LetsTalkPayments. Ray has done his engineering as well as MBA.

Apply to Become a Contributor