If you are a Gmail user, you may notice a new money sign icon at the bottom of the compose window when writing a new email. Hover your mouse over the icon, you see that you can attach money to email! Sounds pretty good, right? So how does it actually work? Is it really free and do you need a Google account to receive money?
In this article, I will thoroughly explain the details behind Google's new money transfer program, essentially an upgrade to their rather old Google Wallet program. Google Wallet is a payment system similar to Paypal. There are several websites that allow you to pay using Google Wallet. You can also download an app for smartphones that lets you store loyalty cards and let you send money to anyone. You can also receive a Google Wallet Card, which is basically a debit card that you can use anywhere MasterCard is accepted.
Feel free to immediately return to Gmail. Here, what does the little icon look like in Gmail's Compose window:
When you click that button, you'll get a new popup with the Google Wallet logo. Before you can send money, you will have to verify your identity.
Basically, it asks you for your name, surname and home address. Note that credit check will not be performed.
After this you will be asked to enter your date of birth, the last four digits of your social security number and check the box to agree to the electronic contact policy. At this point, you will receive a message saying that you have finished installing. Now the fun part begins.
On this screen, enter the amount you want to deposit. If you are sending from a linked bank account or from a Google Wallet balance, there will be no charge. If you send from credit or debit card, there is a fee. However, it is not that simple. If you enter a value like $ 50, you will find that this fee is being waived for credit cards.
There is no mention of how much you can deposit with the fee waived, so I keep playing with the numbers until I realize that you can deposit up to $ 250 from credit or debit cards. without paying any fee. That is pretty cool. I am not sure how long this free $ 250 offer is valid or if it's just the first time you deposit. Maybe for the second time, you have to pay 2.9% regardless of the amount.
Click on it Attach Button and money will be attached to Email into email. Basically, it adds a Google Wallet box at the end of the email.
When you click the Submit button, you will be asked to log in to Google Wallet for extra security.
In the screenshots above, you can also see that to send money, the recipient must live in the United States and must have or sign up for Google Wallet. If you already have a Google account, sign up for Google Wallet with just a few clicks. If others don't use Gmail or have a Google account, they will need to create one when signing up for Google Wallet.
When you send an email, you will be charged for the amount immediately. At the end of the receipt, that person will receive an email as shown below:
That person may Indemnification or Give money back. Clicking Request money will redirect the user to the Google Wallet page. Here, you will have to verify your identity and choose whether you want to link your bank account and transfer money there or just leave it in your Google Wallet balance.
If you click Refund, you will be asked to confirm that you want to return the money and that. The money will then be returned to the sender. If no money is requested for 14 days, the money will be automatically sent back to the sender.
Another option besides transferring to your bank account is to get a Google Wallet card. This card works like a regular debit card from your bank. You can use pin to withdraw money from ATM. The more interesting thing about the Google Wallet card is that if you lose it, you can manually disable the card remotely by simply logging into your account. It also includes fraud protection and will cover 100% of unauthorized transactions.
Of course, there are rivals out there doing something very similar. For example: Square Cash is a service from Square that allows you to send free cash to anyone by linking your debit card. Google Wallet has the added feature of being able to use credit cards. If you are already in the Google ecosystem, you will get more benefits by using Google Wallet.
In addition to sending money, you can also use the Google Wallet app on your smartphone to store all your loyalty cards. If you also buy offers from Google Offers, they will be automatically stored in the app and can be used when making purchases. Have you ever used Google Wallet? What is your point? Let us know in the comments.