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.
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