The New Easy Way to Transfer Money – by Email!
With online and mobile bank transfers, putting money into someone else’s bank account – or having them put money in yours – has never been easier… Or has it?
Google has taken the steps to make it ever easier to transfer small amounts of cash to your family or friends, such as for lunch or rent. And it really is as simple as sending an email.
But the system, called Google Wallet, isn’t as new as you might imagine. The feature was actually launched in 2011, with the pay-by-Gmail service made available to users in the US in early 2013.
And over the next coming weeks, UK Google account holders will also be able to reap the benefits of even easier transactions.
But what exactly is Google Wallet? Just as it sounds, is a digital online “wallet” that not only securely stores a user’s various bank and loyalty cards, but also allows the user to make free mobile payments.
Gmail account holders install the Google Wallet feature and can choose to pay friends, request money, transfer funds to and from their bank account, and even set up recurring payments.
The Google Wallet balance is a prepaid amount that is added to when a user is sent money using the feature, or when they transfer funds from their bank account to the Google Wallet account.
With any technology being introduced to the public, especially that will have access to bank details, etc, there are many people who are worried about those details being hacked or stolen. But the whole system is protected by a fraud monitoring service, as well as the Google Wallet Fraud-Protection Guarantee. For added security, users can lock their Google Wallet using a PIN and a screen lock, if so desired.
To send money, the user will have to have Google Wallet installed and have opened a new message to their intended recipient. The user then hovers their cursor over the little paperclip icon (to add an attachment) and click either the “£” or “$” icon to attach a transaction to the email. The desired amount is then entered, the user can write out a little message as well, if they want, and then press “send”.
Money can be sent to any email address as long as the recipient is over the age of 18. However, to receive money that has been sent in this manner, the recipient will have to have the Google Wallet app installed.
And if you are worried that the system is going to be used to extort some people, you might want to think again. Not only is there a daily transaction limit of £5,000, but also a five-day transfer limit of £10,000.
“Google Wallet is now integrated with Gmail, so you can quickly and securely send money to friends and family directly within Gmail, even if you don’t have a Gmail address,” said Google at the time of launch.
If you would like to find out more about Google Wallet and the new feature, check out the app page here.