Google rolled out a new way to send or receive payments quickly and securely with Google Wallet. Google Wallet acts as a virtual debit card that can be used for online purchases or purchases from certain stores. Google Wallet can also help you send money electronically. Your wallet is accessed online or via a free app.

Google Wallet App

In addition to the online Google Wallet, there is an app for Android or iPhone. To get the app, visit the Google Play Store or your phone’s App Store. Note that the app is only available for people within the United States.

The Google Wallet app comes with a tap and pay feature that works on specific devices in the United States. Tap and pay makes it easy to walk into a brick and mortar store that accepts contact-free payments and make a purchase. To use the feature, simply tap your mobile device at the cashier’s counter and payment is submitted through Google Wallet.

As an extra feature on the app, you can store all of your store loyalty or rewards cards in Google Wallet. When you make a purchase at certain stores, show your device to the cashier or let the cashier scan the information on the screen, and you can instantly get any discounts or redeem rewards.

Adding Funds to Google Wallet

There are three ways to add funds to your Google Wallet. The first is to add money from your debit or credit card. If you want to avoid using a card, you can transfer money from your bank account. You can also receive online payments from people who owe you money.

American Express, Discover, MasterCard, and Visa are accepted by Google Wallet. If you want to use a debit card, it must have the MasterCard or Visa logo on it. Google Wallet does not work with credit cards that are specific to a merchant or flexible-spending account cards.

Sending Money Through Gmail

For people who use the new Gmail compose format, you can now send money with Google Wallet. When you hover the mouse pointer over the attachment option, a dollar sign appears. Click on the dollar sign to attach a payment. If you are not set up with the new Gmail format, you can update your account or download the Google Wallet App to your smartphone.

Advantages to Google Wallet

Once there is money in your account, Google Wallet assigns you a prepaid MasterCard number from Bancorp Bank. When you purchase from an online retailer or send money to a person with a Gmail account, they never see your real credit or debit card number, so there is no risk of having your important banking information stolen.

Google Wallet does not charge any fees for receiving money. You also never pay a fee to transfer money to Google Wallet from your bank account or to send money from your Google Wallet or your bank account.

Disadvantages to Google Wallet

You do need a Google Gmail account to set up Google Wallet. The same is true of people that you send money to. If they don’t have a Gmail account, they cannot access the money you send them until they set up an account with Google.

Not every online store accepts Google Wallet. Before shopping, check for the “Buy With Google” button.

If you add money to your wallet using a credit or debit card, you must pay a fee of 2.9 percent. You also pay this fee when you make a purchase through Google Wallet using a credit or debit card.

This article was provided by CJ Gordon, recent Computer Science graduate and gadget guru. If working with finances is a big interest of yours, CJ recommends Business Analyst jobs with monetjobs.com