The latest update to the Google Wallet app will enable users to make automatic bank transfers, no longer requiring that funds be cashed out from the Wallet balance beforehand.
It’s expected that the change will help to speed up the time it typically would take a Wallet user to access their cash.
As TechCrunch reported last week, the new feature is aimed at helping Google Wallet to compete with other person-to-person payment services, such as Venmo and Square Cash.
Now, Google Wallet users will be able to select a bank account or debit card within the app or via web for automatic transfers. Once enabled, funds will automatically become available in that account without any manual requests having to be made on the part of the user.
Earlier this year, Google announced another update to its mobile payment system by retiring the physical Google Wallet debit card.
The company no longer supports the Wallet Card, which was phased out by the company in an effort to turn its attention more toward the Google Wallet app itself. Those with a Google Wallet Card were unable to add funds to their Wallet Balance after May 1, with the cards themselves being officially retired one month later. The company confirmed that any transactions made using the card after June 1 would not be processed, but Wallet Balances will remain intact to send money, make purchases on Google Play or cash out at any time.
Last fall, the Google Wallet app was relaunched with a specific focus on online peer-to-peer payments. The new Google Wallet app facilitates the ability to cash out with a debit card and send money with just a recipient’s phone number, the tech giant said in a blog post.
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