Google puts another nail in cash's coffin
The company rolls out a way to send money to people as an attachment to an email message.
Shouldn't we just be able to push a button instead?
Financial companies have pursued this type of electronic money transfer for years. PayPal by eBay (EBAY) has probably been the most successful, but even that requires some jumping through hoops. Now Google (GOOG) is giving it a whirl by letting you send money as an attachment to an email message.
Google is integrating its financial service, Google Wallet, into Gmail. So over the coming months, Gmail users in the U.S. will see a dollar sign appear in their email attachment options. Clicking that dollar sign brings up a box to enter how much money you want to send someone. Both sender and receiver must have a Google Wallet account.
Google is smartly making this service free for people who have linked their bank accounts to the service or who have money in their Google Wallet accounts. If you want to pay people using a credit or debit card, you'll have to pay a fee of 2.9%. (Read more about it here.)
Google's ultimate goal here is to get more people using its Google Wallet service. Already people can use the service to store their credit and debit cards, buy things online and pay at the register at stores that have signed on to the program.
Google Wallet is a direct competitor to PayPal and offerings from Bank of America (BAC) and other banks.
Google has named its service Wallet for a very good reason. It wants to completely replace your wallet and handle every transaction, whether it's online or in person. It wants grandparents to tell stories about those papers called "dollar bills" that people once used.
Sending payments via email is another way Google's trying to banish cash.
- Capitalism might be making us evil
[expletive] THAT !!
If a business doesn't accept cash, they don't get my business !!
PayPal has a service identical to this and its been around for years. I personally haven't used cash in months. But the service charge is only waivered if both the recipient and the sender has Google wallet.
This is going to be just as useful as PayPal....more like just as worthless.
We don't care if its 1%, the fact were being charged for it makes us pay with cash instead. Not everyone will have Google wallet and were still going to be using cash.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
More than 70 percent of the Class of 2012 took out loans. Oh, and they're seeing high unemployment, too.
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
- Should the US scrap the debt ceiling?
- Will new mortgage rules mean fewer lenders?
- Why GM, Chrysler are riding high
- Survey: Dashboard lights fail to send right message
- Can you opt out of Medicare?
[BRIEFING.COM] The major indices continue to run, no doubt helped by some short-covering activity. It hasn't hurt either that the preliminary reading for the December University of Michigan Consumer Sentiment survey showed a sharp jump to 82.5 (Briefing.com consensus 75.1) from 75.1 in November. That is the best reading since July 2013.
A drop in gas prices, the continued rise in stock and home prices, and encouraging labor market trends have been positive influence for the ... More
More Market News
The retailer labels the character's fake memoir as nonfiction. This comes weeks after it categorized the the Bible as fiction.