on May 22, 2013
For those who want to try out this new service as soon as possible, one way to get earlier access is if friends who have this feature use it to send money to you. While Google is not the first company to introduce a solution for sending money via email (JPMorgan Chase, Bank of America, and Wells Fargo all debuted services for sending money via email a couple years ago), the fact that is able to tap into the Gmail user base of 425 million users gives the service a significant edge. Online retailers would also do well to monitor how the new service affects the use of Google wallet. If a great number of Gmail users sign up for Wallet now that they can use it to send money via email, Google checkout may become as or more relevant that PayPal.
Some additional details: if your account is already linked to a bank account, there is no charge for this service per Google Wallet norms. Transactions funded by credit cards are subject to an extra 2.9% fee. Money can be sent to anyone with an email address; a Gmail address is not required. Users must be 18 and older. Google Wallet also provides purchase protection to cover users against eligible unauthorized transactions.
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