Yes, people, Google Wallet is still alive in case you didn’t know. Just because there is Android Pay doesn’t mean the app has completely disappeared. It has simply transitioned into a peer-to-peer payment app instead of a POS and IAP payment system. And now, they are introducing the option to automatically transfer your funds to your bank account instead of having to “cash out” like you had to, previously. This should make it a bit faster for you to get hold of your actual cash.
While Google Wallet was able to differentiate itself from Android Pay, it now had to compete with existing P2P payment apps like Venmo, Square Cash, and even Facebook Messenger, Snapchat, etc. The latest update announced last week is that if you want to get your money out of it, you don’t need to cash out but instead transfer it automatically to your bank account. This means that you don’t have to wait for Google to make your cash available, which usually takes a bit of time, but instead you can choose where the money can be transferred to.
Of course it doesn’t mean that as soon as you transfer it, it will be automatically available. Just like with PayPal and other payment systems, it depends on your bank policy, whether you’re transferring it to a debit account or a bank account, and other factors that go into it. Still, it’s faster than the cash out policy which was your only option before. It goes the same way with sending money to your friends’ bank account as you can already go directly there.
While the new feature has already been announced, the update and availability will be rolling out gradually. So if you’re still using Google Wallet, check if the update is already available through the Google Play page.
VIA: Tech Crunch