The other day we wrote a post about Square Inc. We mentioned briefly their money exchange software called “Square Wallet.” Well it seems we may have spoke a little too soon, and that Square may be on its way to irrelevancy. Wednesday, the day after our post, Google held its annual developers conference I/O. In it they announced a smorgasbord of new developments that consequently had the online tech world in a tizzy. Though all the announcements were fine and dandy one very interesting announcement seemed to slip through the internet cracks. Google is introducing Google Wallet (I think they could have been a little more original about the name).
Google Wallet differs greatly from Square Wallet, and that it should, Google plays in a whole different ball park. Google Wallet will allow you to send money via Gmail. On Google’s site it says “This feature will be rolling out to Gmail users ages 18+ in the U.S. over the next few months. Look for the $ icon in your attachment options. You can also get earlier access if your friends have the feature and send money to you.
Google Wallet is free. It is free to send money from your Google Wallet Balance or directly from your bank account. You can also pay with your credit and debit card for a fee of 2.9%. Receiving money is, of course, free. As we mentioned in our other article Square gives you the option of a $275 fee per month or a $2.75 fee per transaction. Doing the math(double check it for me I am not the best mathematician) you would have to spend around $95 per transaction for Square to be the cheaper option(using the $2.75 per transaction not the $275 fee per month).
You can still use Google Wallet without having Gmail through wallet.google.com. Additionally Google of course promises that your information is safe and secure.
A little more of an overview: You can shop in store using the Google Wallet app (I believe it is only available on Android) by syncing your card information. To purchase online you will simply click on the “Buy with Google” button which most e-commerce sites already have. Lastly, you can send money to friends or whoever via Gmail the same way you would send attachments or pictures(freakyyy).