Things just got better for profound buyers as Google Wallet now lets automatic transfers so that you needn’t cash out. The latest update to the Google Wallet mobile app will let automatic transfers to your bank account. With this update, transfers will no longer need you to cash out money from your Wallet balance at first. This will let Wallet users gain access to their cash quicker compared to the past. This feature will be rolling out gradually as it is.
Google Wallet – Automatic Transfers
Waiting to cash out balance from Google’s Wallet actually takes time and that is why the tech giant has come out with this automatic transfers option. It was with Android Pay that Google Wallet became a peer-to-peer payment app last year. Early this year it also dropped its support for physical, plastic Google’s Wallet card as it migrated to p2p payments.
With the new automatic transfers for Google Wallet users will be able to select a bank account or debit card for automatic transfers within the app or thorough the web interface. Once this automatic transfer is enabled the Google Wallet users needn’t cash out money manually from the Wallet balance as it will be available automatically. However there are some strings attached as it will not be available instantly. The transfers depend on several factors like the banker or the credit source. But as mentioned by a blog post, the transfers to debit cards will be instant although some may take up to twenty four hours. Transfers to banks will take a maximum of three days. This new change also lets you send money to friends in which the fund will go the banks automatically with no waiting time. You can continue to keep money in your Google Wallet balance if you don’t want that option to go.
One thing you should remember is that there will still be delays in transfers. Also Google may need to check for frauds or perform other verification of users occasionally. Some feel that this automatic transfer will bypass the cash out process and could also let Google Wallet compete with its rivals like PayPal, Venmo, Square Cash and also Facebook, Snapchat that are tying their hand at packing payments with their platform.
Get heard. Are you a frequent user of Google Wallet? What do you think of this new automatic transfer feature? Let us know by posing in your comments in the section below.