The topic is neither misspelled nor does it mislead to some irrelevant post. It is absolutely true news that now the Gmail users can send and receive money via email. In this post of mine I am going to tell you how you can avail this service to send money to your parents, friends, colleagues and vendors. This service is absolutely free as per now and hence it is expected to give a tight competition to PayPal.
PayPal is the leading name in the category of online money transaction. It has been recommended by thousand and millions of users worldwide. Although it is still owns this crown but a tough competitor has now entered the arena. This month during the chaos of Google I/O announcement, Google declared the competition to the PayPal by integrating the idea of Google Wallet to the Gmail.
What is Google Wallet? Google Wallet is a mobile payment system introduced by Google in 2011. It stores the access of Debit Cards, Credit Cards, Loyalty cards and much more bank details on the mobile device of the user. After downloading this application on mobile device; the user can transfer money to anyone around the globe.
To take the things on a much higher level; Google has fused the Google Wallet service with the Gmail. With the aid of this innovative idea; the Gmail users will now be able to send money as simple as sending an email. This service will be available for everyone in the coming weeks but if any of your friends already have this service then you can ask him to send a little amount (a few pennies) to you via Gmail and hence this feature will be enabled on your Gmail account too (after verification).
The Core Concept Behind the Transaction Process
The concept behind sending the money via Gmail is quite simple. The Google Wallet asks you to provide the bank details and then verify it. After successful verification it asks for the amount to be dispatched and also the bank account from which the transaction will take place. After that you have to provide the Gmail address of the receiver and the money will be transferred to him in the next 24 hours. Hence basically it is an indirect communication with the bank.
This process is really simple as you can see a dollar mark near the attachment option in the menu bar. More over you can also see the complete transaction statement from your account.
Unlike PayPal; this service is available at without transaction fee and hence expected to hit the charts soon.
When we talk about internet banking the first thing of concern is the ‘Security’. While linking the account details with your Gmail account it becomes really crucial to employ security measures for protecting the account from the online threats.
Sending the money via Gmail can be an impressive alternative to any other payment mode but you must assure the security of your account. So what you think about the future of this technology? Share your experience with us in the input box below.