It is now possible to send and request money to “anybody” by Gmail:
“Google Wallet has been integrated into Gmail on the web since 2013, but today Google is rolling out a new integration on mobile. Starting today, users of the Gmail app on Android will be able to send or request money with anyone, including those who don’t have a Gmail address, with just a tap.
The user experience has been designed to make exchanging money as easy as attaching a file, Google explains in its announcement. To access the new feature, you tap the attachment icon (the paperclip), then choose either send or request money, depending on your needs. A pop-up window appears where you can input the amount and add a note, and send.
The entire process takes place in the Gmail app – you don’t have to have Google Wallet installed. In addition, recipients can configure it so the money they receive through Gmail goes directly into their bank account. There are no fees involved, notes Google.”
One assumes that the term “anybody” is restricted by law and geography, but that isn’t mentioned in this article or in the Google help page. The article also identifies competitors, not surprisingly without mentioning Zelle, and suggests that this implementation may not align well with consumer needs:
“The goal, seemingly, is to take on quick payment apps like PayPal, Venmo or Square Cash, by offering a feature to move money right within Gmail’s app. This could be useful for those times where the money is already a topic of an email conversation – like when you’re planning a trip with friends, or getting the family to go in together on a gift for your parents, for example.
But whether or not people would think to turn to Gmail for other uses, like splitting the dinner bill or paying friends back for drinks, is another matter.
These one-off use cases are still more easily managed in standalone payment apps, where you’d don’t have to face the clutter of a crowded inbox just to send a friend the few dollars you owe.”
So competition for P2P continues to increase even as the revenue opportunity looks extremely bleak with every competitor introducing the service as free. Perhaps they will be able to make it up in volume?
Overview by Tim Sloane, VP, Payment Innovation at Mercator Advisory Group
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