Incorporating automation to remove the human element from our financial lives enable more of us to make and implement personal financial wellness plans and then have them operate with minimal intervention. As another way to move money, P2P schemes are gaining traction and becoming the norm in many demographic segments.
On many P2P apps, users are required to manually press a button to cash out and send received or stored funds to their bank account or debit card. The Google Wallet update now allows for automatic cash-out. Funds may or may not be deposited in real-time following the automatic cash-out, depending on a users’ bank. That could simplify the process of sending funds and allow users to get their cash in a way that’s a bit simpler. The functionality will roll out to users in the coming weeks.
Mercator Advisory Group sees the addition of the automated ‘sweep’ of funds to a debit card as short-term differentiator, bit not one so distinctive that would move the needle significantly against Paypal’s Venmo or Facebook’s P2P scheme.
Overview by Joseph Walent, Senior Analysts, Emerging Technologies Advisory Service at Mercator Advisory Group
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