Aug 14, 2014

You can send money via Gmail now!

According to Quartz, "In May 2013, Google soft-launched a straightforward scheme for sending money to other people. It lets you connect Gmail with a Google Wallet account and send money to a friend for free (from a linked bank account) or for a small fee (from a credit card).

While the service has been available since last summer to anyone who had a Google Wallet account or had already been sent money via Gmail, Google now seems to be starting to push it out to the broader public. (The company declined to comment for this article; in May it said the rollout would happen “over the next 18 months.”)"

My e-payment method of choice is Venmo, but when I received access to Google Wallet's new service this week, I decided to reevaluate.

Which costs less, Google Wallet or Venmo?

Sending money from a checking or savings account
Free on either service

Sending money from a credit card
2.9% fee on Google Wallet
3% fee on Venmo

Receiving money
Free on either service

They're the same?
Right now, pretty much.


However, Google Wallet has rolled out a Google Wallet card that functions like a debit card for you Google Wallet account. From there, further innovations could be added, such as incorporating chip-and-pin security, as cards in Europe already do, or allowing users to upload all card data (credit cards, debit cards, loyalty cards) into account, like Coin. Currently, Venmo is an app (no hardware), and I don't know that they have plans to expand into the world of transaction cards.

-Paige