What’s Up with Google Wallet?

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No matter what Google might be claiming Google Wallet is good for, it is for all intents and purposes a PayPal clone; however, there is one major difference between Google Wallet and its predecessor: Google Wallet is almost completely devoid of fees. As you can see right on their FAQs Fees page, the only time you will ever be charged to use Google Wallet is if you decide to add funds to your account by using a debit card. But, even then, the fee is only 2.9 percent of the money transferred to your account. Also, since the majority of individuals who will end up using Google Wallet over PayPal will link their checking account to the Wallet, there’s absolutely no reason that users of this service should ever end up having to pay any kind of fee to Google.

This one difference alone can likely end up being a game changer for the way funds over the internet get transferred between individuals without the use of bank accounts as PayPal should either lower its fee rates or savvy small business owners and freelancers alike will end up exclusively with Google Wallet set as their preferred payment method for both sending and receiving funds.

However, there is one strong reason that a lot of people might not ever switch over to Google Wallet, which will likely end up meaning those same small business owners and freelancers will end up being  forced to use PayPal or painfully slow bank transfers. This reason is merely that not many people, nor the companies people own, are using Google Wallet yet. It seems that Google Wallet is facing the same issue that has plagued Google Plus for a couple of years now: People do not want to switch to what feels like a me-too service when what they’re using right now already works fine for their needs.

Google Wallet in action:

What Google needs to do to alleviate the assumption that Wallet is exactly like PayPal is to find a better way of spreading the word of the impressive lack of fees that the service charges. That alone should get people excited and primed to use Google Wallet, which we here at About Bill Pay are very interested in seeing that happen since Google’s infrastructure would also be ideal for hooking up with companies to allow bill payment through the app.

Do you use Google Wallet? What do you think about it? Or, if you haven’t used the program yet, let us know why in the comments below.

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