Electronic payments have evolved greatly in the past two years, from wire transfers to direct payment posts to Venmo to Facebook payment and Google Wallet. The latter has recently gotten an update that enables users to make payments through text message.
Google Wallet Makes Payments With Just an Email Address
Regardless of whether or not they have a Wallet account, people can make payments more easily than ever before. The new announcement made on Monday that now even that isn’t necessary. Payments can now be posted with just a phone number. Payments are posted at lighting speed, sending a secure link that can be accessed by receiver within minutes of sending.
The New Feature Will Roll Out To Google Play and the App Store
Google Wallet got a lot of praise since its inception, so the Wallet team is releasing the latest update both in celebration and in gratitude. While there could be great suspicions that it might be unsafe, the new Google Wallet has a new security feature that lets you lock the app out at a tap, and users can now link a second bank account to their Wallet. This would be the second update the app has rolled out in 2015 with a new design and a few additional features.
Google Pay vs. Apple Pay vs. Google Wallet
Apple Pay was the first popular electronic pay to hit the cybernetic market, followed by Android Pay and Google Wallet, which rolled in with the rest of Google’s Apps. Apple Pay has been really slow to become popular, and not that many companies have been keen on taking up Apple Pay as a valid method of payment. Android Pay has become very widespread despite the fact that its debut is very recent.
The funny thing is, why would Google have two payment services? They already command Android Pay, so the exact function of Google Wallet versus Google Pay is a little blurry. In a very loose interpretation, Android Pay is Google’s response to Apple Pay, while Google Wallet is perhaps Google’s response to Venmo. Samsung Pay has recently rolled out, surely as a response to Android and Apple Pay, but unlike Android and Apple Pay, it works anywhere as long as the user owns a Galaxy.
Venmo and PayPal Have Accommodated Informal Payment
Companies like Venmo and Paypal have turned paying and receiving payment a great commodity. Venmo kickstarted a new trend in social circles. Paying friends for a meal, for gas, for anything is countless times easier. All people need is a phone number, a Facebook account or an email and payments are posted directly to your bank account almost instantly. Though processing takes a little longer, it’s a great tool that makes things very easy.
Google Wallet is Pitting Against Venmo and PayPal
Google Wallet is probably trying to get into the same ball park. Electronic payments are catchy, and may even come to replace any conventional kind of informal payment. It may even get a more business feel, like PayPal and be used by offices and all kinds of enterprises to make payments to remote employees or even freelancers.
Google Is Everywhere
Google has tapped into an amazing number of industries, all by changing the way people view technology. Google has proved that technology has no limits when it comes to applications, and that it can make life incredibly easy. The only risk, and the reason why Apple doubts Google services, is that the security isn’t foolproof.
Though Google has never run into direct trouble regarding security, the nature of the platform makes it more sensitive than other applications, which many argue is more reliable. The bottom line is that Google is Google; they’re well regarded and respected, and it will likely not suffer any breaches any time soon.