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Science
15 Mar 2017

Gmail rolls out new feature to send and request money

Send and Receive money through Gmail now

Gmail users can now send, receive and request money through their Gmail app on Android.

This feature allows one to send money even to non-Gmail users.

One doesn't need to have the Google-Wallet installed on the phone to use this service.

The money can be added to one's outgoing mail and the recipient receives it within minutes!

Read on to know all about it.

In context

Send and Receive money through Gmail now

Emails with money

Since 2013, one could easily send money via Google Wallet through email on desktop. But, with this feature one can quickly send money through the mobile email app. For Gmail users, it's extremely convenient as they don't have to register to a new service.

You've Got Mail

Background

You've Got Mail

One doesn't need to install a separate Google Wallet app anymore or switch between third party apps to send money.

It just needs to be attached simply like an image or a doc file.

The money then gets credited directly to the receiver's bank account.

To receive money, one need to tap the "Claim money" option and the amount goes to the bank account.

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How does it work?

Request money from someone

There is an easy way to request money from those who owe you instead of having to verbally remind them.

One just need to click on the "Compose" button.

One then needs to click the newly added $ icon, add whatever content one wishes to convey.

Like any ordinary email, it has to reviewed and sent.

Shift from Google Wallet to Gmail

Since 2013, transactions were only limited to Google Wallet users. Its integration to the email app has been long awaited by users who will now, no longer have to download a separate app to send or receive money. There are no additional fees involved.

Gmail's strike on popular app based wallets

Details

Gmail's strike on popular app based wallets

This update is a major game changer for Google.

It can now compete with big giants like PayPal and Venmo by already having a massive number of people in its database.

From the user's perspective, it is also a lot convenient.

One can easily plan events, attach one's share or send gifts through Gmail.

The payment records can also be forwarded as emails.

Gmail and its competitors

Apart from payment apps like PayPal, Venmo, social media apps like Facebook and Snapchat too have options to send and receive money. Snapcash (by Snapchat) and sending money through FB messenger are popular options in the US to send and receive money via smartphones.

Catch?

Limitations of the service

Only Gmail users in the US have access to it currently.

The feature is available only to Android users. iOS and Windows users have to wait for now.

Additionally, the competition is stiff with companies that have provided the same services for years.

The payment-space is arguably crowded and competitive. Only time will tell if Google would be able to leverage its large user-base.

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