In a sign that the P2P payment market is getting competitive, Google has made some user-friendly changes to Google Wallet. As reported in Phoneareana:
An update to Google Wallet adds a new time saving feature. Now, when money is sent to your Google Wallet account, you can have the funds sent automatically to your bank account or debit card. This way, as soon as money hits your Google Wallet account, it is enroute to a place where it can be spent easily.
If you’re familiar with PayPal, then you probably have an idea how Google Wallet works. Send money to anyone in the U.S. using their email address or phone number. Request payments from others and be notified when you are paid. And if you take advantage of the new feature that we told you about in the first paragraph, those funds will soon be nestled safely in your bank account, or on the verge of being spent on your debit card.
There are signs that Google Wallet could use some future updates. Some funds transfers are still taking several days. Financial institutions using clearXchange’s P2P product (recently experiencing a name change to Zelle) have been reported offering faster transactions times. It would be a change from the usual to think of Google having to revise their product capabilities to keep up with big banks.
It takes about 2 to 3 business days for funds to be transferred from Google Wallet to your bank account. Transfers to your debit card shouldn’t take longer than one business day. In some cases, those transfers will arrive instantaneously.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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