By Mohammed Waseem
We have heard about electronic wallets and also about few well known wallets in operation. But have we heard about Google Wallet? It is a product from Google which enables users to send money and make payments. It allows them to store money, as well as credit card and debit card information.
Google Wallet is a mobile payment system developed by Google, which allows users to store cards and redeem sales promotions on their mobile phones. Users can shop online, send money and even shop in stores with the wallet. The sales promotions and loyalty points from shopping can be redeemed at checkout while shopping with Google Wallet. It also supports international transfers and the higher limit per transaction in all cases is $10,000 which is quite good.
Contactless payment is also supported by the app and can be used in stores where contactless payment is available. The service is called ‘Tap and Pay’ which enables payment to be made without any effort, from the preferred payment method preselected. Wallet balance can be spent and withdrawn (at ATMs) using Google Wallet Card as well, which works like a debit card. Payments can be made by swiping cards at MasterCard locations.
Money can be sent to anyone in the US with an email address. To send money, a user needs to login to Gmail and compose an email addressed to the recipient and then select ‘Attach money’ from the email options. Transfers are free when money is being sent from the wallet balance. However, debit card and credit card transfers are charged at 2.9% per transaction (minimum $0.30). Money can be received for free and spent instantly after it has been received into the wallet balance. Instant notifications are also available, both to senders and receivers.
Online shopping can also be done using the wallet and payment can be made on mobile apps and sites in as few as two clicks. All the user has to do is select the ‘Buy with Google’ button. Android phones support automatic sign in to Google, which ensures speedy processing. Purchases can be tracked in one place with the Google Wallet app.
Google Wallet is the most widely used wallet due to the fact that almost everyone has a Google Account and all services offered by Google can be accessed from one single account.