Google has just announced its new update and it will allow for automatic transfer to user’s bank account .Up till now, Google wallet required users to first “cash out” money from their Google wallets before being able to use it elsewhere. This effectively meant that users’ money was stuck until now.
Now, Google is seems to change that and wants to reduce the time it takes for users to access their cash.
Google wallet app was updated on Friday. The feature has not been declared in any official blog post until now. But the feature was declared in an updated text. But is expected starting in the next week.
The upcoming feature (automatic transfers) will decrease cash out time by allowing users to select just a debit card or bank account for automatic transferring purposes. Through the web or app user can select their desire method.
Instead of users require to cash out money manually from their account, The Google wallet balance will then be adjusted automatically. Still it will take time to be completed its transfer process-that depends on the card or bank in question. If cash is being transferred return to a debit card, the transfer might take place instantly. In some cases transfers to banks can take up to three days.
As you may know, Last year Google wallet transitioned to become a peer-to-peer payments app following the launch of Android Pay, Google’s Apple Pay competitor now used at point-of-sale and for in –app purchases on Android devices. Before this year, the company also goes down support for the physical, plastic Google card associated with the app, since it continued its transition to peer to peer payments.
This effectively means that when you send money to your friends without any waiting time for them those funds will also be able to go to their bank account automatically.
For now users who want to remain their funds in Google wallet can continue doing so, given that the wallet service is not going anywhere.
There will be no delay form Google’s app in normal cases for users, it’s a good things. When Google want to verify accounts or run credit/fraud checks there might still be delays. For some of users, it should be smooth sailing.
Google wallet app against with other digital payment services such as PayPal, Square Cash, Venmo, and even Facebook Messenger’s ,snapchat payment service. Still Apple desire to soon support payments in iMessage, adding another participates to the list.
It is not obvious how long Google will continue offering the wallet, and it plans to merge the service with Android pay. Samsung Electronics is promoting its own payment system. Accordingly Android phone users have two options to chose from instead of one such as Google wallet or Android Pay app. iPhone users only have the option of Apple Pay, which has made significant development by adding a number of financial institutions to the service.
Don’t worry-if you want to keep money in your wallet account. it’s secure ,Google says, as your app can “only be accessed with your Google Payments PIN”. Should you occur to lose your phone, you can make sure that no one else has access to your digital wallet by removing access by way of myaccount.google.com