Google Pay Send (formerly Google Wallet ) is a peer-to-peer payment service developed by Google that allows people to send and receive money from a mobile device or desktop computer without fee for sender or recipient. When set up, a Google Pay account must be linked to a debit card or bank account in the United States or United Kingdom. Google Pay Send can be used through the Google Pay Send and Gmail apps. This app is available for Android devices running Android 4.0 and above, and for iOS devices running iOS 7.0 and above.
Since 2018, Android Pay and Google Wallet have united into a single payment system called Google Pay. Google Pay Send, a feature included with Google Pay, has replaced Google Wallet services.
Video Google Pay Send
Services
Google Pay is structured to allow its customers to send money to each other. To send money, Google Pay users enter the recipient's email address or phone number. The recipient must then link the phone number or email address to the bank account to access the funds. If the recipient also has a Google Pay account, the funds will be sent to that account directly.
Users can link up to two bank accounts when a Wallet account is created. The money earned goes into Google Pay Balance and stays there until the user decides to disbursed to the linked account.
The Google Pay app is available for free from Google Play or the App Store. After downloading the app, the user creates a four-digit personal identification number (PIN) to manage everything within their Google Pay account. PIN verifies access to the Wallet app on a user's mobile device.
Before terminated on June 30, 2016, Google Wallet Card is recognized by the Cirrus network operated by MasterCard (not a Plus network operated by Visa).
In September 2017, Google launched its first major payment service outside the United States, Tez, in India.
Maps Google Pay Send
History
Initial history
Google demonstrated the original version of the service at a press conference on May 26, 2011. The first app was released in the US only on September 19, 2011.
On May 15, 2013, Google announced the integration of Google Wallet and Gmail, allowing users to send money via Gmail attachments. While Google Wallet is only available in the United States, Gmail integration is currently available in the US and UK.
A physical Google Wallet card is an optional addition to apps that allow users to make purchases at point of sale (in store or online) from funds in their Google Wallet account, attached debit card account, or bank account. This card can also be used to withdraw cash at ATMs at no cost related to Google, and can be used like a debit card for almost any purpose, including things like car hire. Wallet card was discontinued on June 30, 2016, and replaced with Android Pay.
The original version of Google Wallet allows users to make point of sale purchases with their mobile devices using near-field communications technology (NFC). However, as of September 2015, Google downgraded the NFC from Google Wallet, offering technology only through Android Pay, which is a separate app only available to Android users. As a result, all gift cards, loyalty programs, and promotional offers stored in older versions of Google Wallet can no longer be used. For Android users, special deals and gift cards are automatically transferred to Android Pay. For iOS users, given instructions for exporting offers for alternative use. No security issues were reported with NFC technology.
Differences from Android Pay
On February 23, 2015, Google announced that it would acquire the intellectual property of its competitor-backed Softcard competitor and integrate it into Google Wallet, and that American mobile network operator AT & amp; T Mobility, T-Mobile US, and Verizon Wireless will incorporate the Google Wallet app on compatible devices. Effective merging results in a new service known as Android Pay, a competitor for Apple Pay and similar NFC mobile payment services.
Apart from Android Pay, Google Wallet now allows peer-to-peer transactions for cases such as when people want to share shared expenses, change one another, track shared expenses, or give money as gifts or loans.
Although Android Pay is only available for Android users, Google Wallet is available on iOS and through Gmail as well. For those using Android, two shared products (Android Pay and Google Wallet) offer a comprehensive payment management system, "the tool to stay responsible for bank accounts." Users can link their bank or debit card to Android Pay and to their Google Wallet app. With this approach, users can manage their money from a single source, with the ability to:
- Pay at point-of-sale by tapping their phone (via Android Pay)
- Send and receive money to other individuals for free (via the Google Wallet app)
- Track your spending (via optional Google Wallet Card)
Business model
Google does not charge users to access Google Wallet. Send and receive free money, like adding money to your Wallet Card via a connected bank account. There is a limit to the amount of money users can add to their Wallet Balance, withdraw from linked accounts or cards, or send and receive to other individuals. These limits are set per transaction and within a certain time frame. Previously, a 2.9% fee was applied to funds added via debit card, even though Google lowered that capability starting May 2, 2016.
Funds sent from your Wallet balance, debit card or associated bank account are generally available to the recipient immediately, and if the recipient has his own account and Wallet Card, he can withdraw the funds from the ATM immediately. If funds are withdrawn on the sender's Wallet balance, the balance will also reflect these changes immediately. Any portion of the funds taken through the associated bank account will take two or three days to actually post to the account, even though these funds will be shown as a "pending" withdrawal on that account within 24 hours.
While Google does not have revenue derived from the Wallet ecosystem (web services, apps and Wallet Cards), this product is part of a larger suite of e-commerce products, including Android Pay, which integrates loyalty programs and promotions from other businesses.
Security
Google Wallet protects payment credentials by storing user data on secure servers and encrypting all payment information with industry-standard SSL (secure socket layer) technology. Full credit and debit card information is never displayed in the app. All Google Wallet users are also required to have a PIN to protect access to their Wallet account. Payment PIN is used to:
- Gain access to the Google Wallet app on a mobile device
- Made a point of sale purchase with Google Wallet Card
- Stopping cash with Google Wallet Card at ATM
Google also recommends having a common passcode on mobile devices for added security.
In some cases, users must verify their identity to perform certain transactions. If prompted to do so, the user will visit the Wallet website and follow the steps to ensure its accurate identity. This complies with US Federal Deposit Insurance Corporation financial regulations that require payment providers to ensure customer identity.
If the Google Wallet Card is lost or stolen, the user can immediately revoke access to it by logging into myaccount.google.com. Google also offers additional flexibility to temporarily lock the card if the user suspects that the card is misplaced. In the event of an invalid transaction, Google Wallet Fraud Protection covers 100% of verified unauthorized transactions made in the U.S. reported within 120 days of the transaction. Only US citizens have a Wallet account associated with a US address eligible for coverage under this policy.
Criticism
Regarding the previous version of Google Wallet (2012), analysis by Nowsecure security company revealed that some card information stored by Google Wallet is accessible outside of the app. It is recommended that hackers can create ways to bypass Google Analytics, which monitors apps used on the Android OS. The previous analysis by the same company revealed a number of other exploits that have been fixed.
Privacy
Privacy issues include data storage of payment information, transaction details, payment attempts and other information stored by Google indefinitely. The privacy policy for Google Wallet, called the Google Payments Privacy Notice, shows that a lot of data is stored but may not be shared outside of Google except under certain circumstances. Information that may be collected during enrollment includes credit or debit card numbers and expiration dates, addresses, phone numbers, date of birth, social security number or taxpayer ID number. Information that may be collected about transactions made through Google Wallet includes the date, time, and number of transactions, merchant locations and descriptions, descriptions of purchased goods or services, any photographs that users associate with transactions, names and email addresses of senders and recipients, the type of payment method used, and the description of the reason for the transaction if it is included.
The storage of such personal information about user transactions is a significant financial value for companies that generate a lot of revenue from data, but may be controversial for users who know the policy. The information collected is shared with Google affiliates, which means other companies owned and controlled by Google Inc., which can be used for their day-to-day business needs. They give you the option to opt out of a certain sharing capacity with this affiliate. Google declares that it will only share personal information with other companies or individuals outside of Google in the following situations:
- As permitted under the Google Privacy Policy
- As necessary to process your transactions and keep your account
- To complete your registration for services provided by third parties
PayPal demands
Shortly after the launch of Google Wallet's first iteration in 2011, PayPal filed a lawsuit against Google and two former PayPal employees - Osama Bedier and Stephanie Tilenius. The complaint accused "misappropriation of trade secrets" and "fiduciary duty violations". The lawsuit revealed that Google negotiated with PayPal for two years to empower payments on mobile devices. But once the deal is signed, Google withdraws and instead hires a PayPal executive to negotiate a deal, Bedier. The lawsuit notes that Bedier knows all future PayPal plans for mobile payments, as well as a detailed analysis of Google's internal weaknesses in the area. Not only that, he accused him of storing "secret information in locations such as non-PayPal computers, non-PayPal email accounts, and accounts on remote computing services called 'Dropbox.' "
Google ran a competitor to PayPal, Google Checkout, from 2006 to 2013. In 2011, Google Wallet replaced Checkout service, and development on Checkout was terminated in 2013.
See also
- Apple Pay
- Apple Wallet
- LG Pay
- Microsoft Pay
- Samsung Pay
- Square money
- Venmo
References
External links
- Google Pay Send
Source of the article : Wikipedia
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