Account splitting, spending statistics, application for banks, QR and barcode scanner.
Restarting Google Pay: What's Changed.
On November 18, Google carried out a large-scale restart of the Google Pay electronic payment system for Android and iOS devices. The creators decided to significantly expand the functionality of the service, which turns it from a popular mobile wallet into a more universal service. Users from the United States were the first to take advantage of the new Google Pay features. In a new article, PaySpace Magazine explains exactly what has changed in the popular Google app.
Pay combines peer-to-peer payments and one-touch payments in a single section. The user's contacts are also displayed here, when you click on any of them, a list of payments opens in the form of a chat.
Pay also allows you to set up group payments: you can invite several people to chat, allowing them to send and request money from each other. This comes in handy if you want to split a restaurant bill or utility bills. In the chat, you can track who paid and who has not yet deposited money on the account, and send payment reminders.
In addition, US users can now pay for fuel and parking directly from the Google Pay app.
Cashback suggestions in the Explore tab.
Explore shows existing promotions and discounts. By default, only general offers are displayed in this tab, but the user can personalize them by allowing Google algorithms to analyze their transactions.
To take advantage of the discount, you do not need to enter promotional codes, you just need to click "activate" and then link the offer to any card added to Google Pay. All other data will be pulled up automatically.
In addition, Explore has a QR and barcode scanner. The latter can be used to scan products in a store to search for them in Google Shopping to order the product you like elsewhere.
Google Pay users will also be able to scan each other's personal barcodes to send money without having to exchange contact information.
Track expenses in Google Pay.
Insights allows you to connect bank accounts to track balance changes with reports of expenses, savings, and upcoming spending.
Statistics are generated by automatic scanning of transactions - nothing needs to be entered manually or divided into categories. Insights processes information for checking, savings, debit and credit cards.
Also, data can be pulled from Gmail and Google Photos. After connecting to this service, Google Pay will scan both services for checks, including their photos. Through Optical Character Recognition (OCR), Insights can automatically read receipts and associate them with the desired transactions.
There will also be a kind of Instagram stories in Google Pay. The top of the Insights tab will now display blue icons with a quick summary of financial information, such as upcoming payments, data on transfers, large transactions, and more.
In 2021, Google will launch a new banking service called Plex. With it, users will be able to manage checking and savings accounts in the app without monthly fees, overdraft fees or minimum balance requirements by interacting with their online banking. The company will not offer banking services directly. Instead, Google will allow financial institutions to use Google Pay as their banking app. According to media reports, within the framework of this project, the company has already entered into partnerships with 11 banks and credit unions, including Citi, Stanford Federal Credit Union, SEFCU, BMO and BBVA.
As noted by The Verge, which tested the work of Google Pay, with the latest update, a set of well-integrated functions was added to the service, allowing you to use several methods of assessing expenses and savings at once. At the same time, the changes are useful not only for users, but also for the company itself. So, Google has new sources of income: from small transaction commissions to sponsored offers to sellers to secure them at the top of the Explore tab.
PAYSPACE MAGAZINE HELP
Earlier we wrote that in January 2021, the old versions of the Google Pay mobile application for Android and iOS platforms, as well as the web version of the service, will lose their payment functions.
Older versions of the Google Pay app can no longer be used to send and receive payments. The web version of the service has already published a notification about the imminent end of support for many functions.
In addition, a commission is introduced for transfers to bank accounts and debit cards through Google Pay in the amount of 1.5%, but not less than $ 0.31 (initially there was a zero commission for this service). At the same time, transfers to linked bank accounts will remain free, but their implementation may take from 1 to 3 days.
Restarting Google Pay: What's Changed.
On November 18, Google carried out a large-scale restart of the Google Pay electronic payment system for Android and iOS devices. The creators decided to significantly expand the functionality of the service, which turns it from a popular mobile wallet into a more universal service. Users from the United States were the first to take advantage of the new Google Pay features. In a new article, PaySpace Magazine explains exactly what has changed in the popular Google app.
Three new tabs: Pay, Explore and Insights
Pay combines peer-to-peer payments and one-touch payments in a single section. The user's contacts are also displayed here, when you click on any of them, a list of payments opens in the form of a chat.
Pay also allows you to set up group payments: you can invite several people to chat, allowing them to send and request money from each other. This comes in handy if you want to split a restaurant bill or utility bills. In the chat, you can track who paid and who has not yet deposited money on the account, and send payment reminders.
In addition, US users can now pay for fuel and parking directly from the Google Pay app.
Cashback suggestions in the Explore tab.
Explore shows existing promotions and discounts. By default, only general offers are displayed in this tab, but the user can personalize them by allowing Google algorithms to analyze their transactions.
To take advantage of the discount, you do not need to enter promotional codes, you just need to click "activate" and then link the offer to any card added to Google Pay. All other data will be pulled up automatically.
In addition, Explore has a QR and barcode scanner. The latter can be used to scan products in a store to search for them in Google Shopping to order the product you like elsewhere.
Google Pay users will also be able to scan each other's personal barcodes to send money without having to exchange contact information.
Track expenses in Google Pay.
Insights allows you to connect bank accounts to track balance changes with reports of expenses, savings, and upcoming spending.
Statistics are generated by automatic scanning of transactions - nothing needs to be entered manually or divided into categories. Insights processes information for checking, savings, debit and credit cards.
Also, data can be pulled from Gmail and Google Photos. After connecting to this service, Google Pay will scan both services for checks, including their photos. Through Optical Character Recognition (OCR), Insights can automatically read receipts and associate them with the desired transactions.
There will also be a kind of Instagram stories in Google Pay. The top of the Insights tab will now display blue icons with a quick summary of financial information, such as upcoming payments, data on transfers, large transactions, and more.
Plex: an app for banks and more
In 2021, Google will launch a new banking service called Plex. With it, users will be able to manage checking and savings accounts in the app without monthly fees, overdraft fees or minimum balance requirements by interacting with their online banking. The company will not offer banking services directly. Instead, Google will allow financial institutions to use Google Pay as their banking app. According to media reports, within the framework of this project, the company has already entered into partnerships with 11 banks and credit unions, including Citi, Stanford Federal Credit Union, SEFCU, BMO and BBVA.
As noted by The Verge, which tested the work of Google Pay, with the latest update, a set of well-integrated functions was added to the service, allowing you to use several methods of assessing expenses and savings at once. At the same time, the changes are useful not only for users, but also for the company itself. So, Google has new sources of income: from small transaction commissions to sponsored offers to sellers to secure them at the top of the Explore tab.
PAYSPACE MAGAZINE HELP
Earlier we wrote that in January 2021, the old versions of the Google Pay mobile application for Android and iOS platforms, as well as the web version of the service, will lose their payment functions.
Older versions of the Google Pay app can no longer be used to send and receive payments. The web version of the service has already published a notification about the imminent end of support for many functions.
In addition, a commission is introduced for transfers to bank accounts and debit cards through Google Pay in the amount of 1.5%, but not less than $ 0.31 (initially there was a zero commission for this service). At the same time, transfers to linked bank accounts will remain free, but their implementation may take from 1 to 3 days.
