Email Money: New Google Wallet, Gmail Feature Allows Payments Sent Via Emails; More Announcements From I/O Conference [VIDEO]
Google announced at the Google I/O developers' conference that it is integrating Google Wallet with Gmail. This advance means Gmail users will be able to send money via email.
At the developer's conference, Google released a video showing how easy the process of emailing money will be. All Gmail users have to do is hit a "$" symbol to attach money to the email - just as a file would normally be attached.
Travis Green, Google's Project Manager, said that the new Gmail-Google Wallet feature will be introduced "over the coming months to all U.S. Gmail users over 18 years old." Early access can be granted from a friend who has the feature (and probably works at Google) and sends money to you.
The e-mail payment development is huge, since it allows anyone who can send an email with an attachment to send money to a friend.
Money can even be sent to people who don't use Gmail using the new Google Wallet feature. In addition, CNET's Marguerite Reardon reported that it's free to send money, as long as your bank account is linked to your Google Wallet account or you have a prepaid account.
There are, currently, service fees for sending money using a Google Wallet-linked credit or debit card.
Google's Hazlehurst said that customers should trust in sending money via Gmail, and not worry about security. Google offers the Wallet Purchase Protection plan, covering 100% against unauthorized payments. Hazlehurst added that no account information is transferred via the email.
Google's email money feature could threaten e-commerce startups like Venmo, according to HuffPost Tech. Venmo allows users to send payments through an app on iPhones or Androids. A senior engineer at Twitter said, "Holy Startup killer."
New Media and marketing consultant Jeff Peters tweeted, "This could be big...if (when) people trust it."
Ray Nolan, a tech executive, declared, "eCommerce just changed."
Google also announced an Instant Buy API for app and Web developers, allowing customers to purchase things from an app or online store more easily. It is essentially a more streamlined PayPal button for Google users, according to CNET. The new function is more secure, because account information won't be stored on multiple merchant sites.
A third announcement Google made is that Google Wallet users would be able to store any loyalty card in their Google Wallet. Tickets can also be added to the wallet. The idea is similar to Apple's Passbook, but the Google Wallet feature goes further in allowing easier signup for loyalty cards.
The Google I/O conference is currently running and scheduled to end on May 17th. Google has already introduced a music streaming service and Voice command on Google Chrome, in addition to the Google Wallet features. Fans of the tech company eagerly await the conference's final day, with hopes that Google is saving the best announcements for last.
Check out Google's money email attachment feature below: