Google Pay Will Charge Extra For Transferring Money Into Bank Account; Kills Web App.

•  Google Pay Web App To Be Disabled From January 2021
•    The Online Payment System To Charge 1.5% or $.31 For Instant Money Transfer.

Google is all set to cease the working of its money transfer web application from January next year. To transfer or receive money through google pay, users will now have to rely only on the mobile phone application. A week ago, Google also updated its G-pay mobile app with additional features to make money transfer simpler and more secure.

What Happens to the Google Pay Web App Now?

 If a user visits the google pay web app now, they will be greeted with a message saying,

“Starting early in 2021, you won’t be able to use pay.google.com to send and receive money from other people. To send and receive money, use the new Google Pay app.”

Google has mentioned about the termination of the original Google Pay app in its support page also, reports 9to5Google.

 Earlier web app and mobile app both allowed managing payment methods and peer to peer transfer of money. Now, while the web application can still be used to manage payment methods, its main functionality of money transfer among friends and contacts will no longer be active. This function will be exclusive to the mobile app.

 What Is New In The Google Pay Mobile App?

Last week Google renovated its Gpay app by adding some more features in it. The app has become all new, along with a new logo, and it is available on Play store and Apple store in US. This is what General Manager & VP of Google, Caesar Sengupta, had to say on the new Google pay App:

“ Today we’re taking an important step forward in our quest to make money simple, secure and helpful. Starting in the U.S., we’re launching a redesigned Google Pay app on Android and iOS. The new app is designed around your relationships with people and businesses. It helps you save money and gives you insights into your spending. It’s built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions.”

Along with the web app, the older version of mobile app will also terminate its working. Although money transfer is still going to be allowed on the mobile app, Gpay will charge additional fees on instant transfer of money.

“It can take 1–3 business days when you transfer money to your bank account. Debit card transfers are usually instant. There is a fee of 1.5% or $.31 (whichever is higher), when you transfer out money with a debit card,” the company said on its support page.

 All these updates by google on its online money transfer platform can be a result of the emergence of newer similar apps and growing competitions, since apps like PhonePay are going strong in the market.

Whatever the reasons are, let’s hope the new Google pay app makes money transfer easier and safer for customers. The new Gpay app is going to be released in India soon.