Google Wallet to Replace Google Pay in US, Expanding Features

Google will replace Google Pay with Google Wallet in the US by June 4, 2024, ending fund transfers through the app. Users must transfer remaining balances to their bank accounts by the deadline or do so later on the Google Pay website.

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Aqsa Younas Rana
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Google Wallet to Replace Google Pay in US, Expanding Features

Google Wallet to Replace Google Pay in US, Expanding Features

Google is set to replace its Google Pay app with Google Wallet in the United States by June 4, 2024. The transition will bring an end to the ability for Google Pay users to send, request, or receive funds through the app after the June 4 deadline. Users have until then to transfer their remaining Google Pay balances to their bank accounts, or they can still transfer money from the Google Pay website after the cutoff date.

Why this matters: The shift towards digital wallets has significant implications for the way people manage their finances and make transactions, with potential consequences for the banking and commerce industries. As more companies invest in digital wallet technology, it could lead to a fundamental change in how we think about money and payments.

Google Wallet, which is already used five times more often than Google Pay, offers a range of additional features beyond the online mobile payments that Google Pay provided. In addition to allowing users to buy items and services in stores, Google Wallet serves as a digital storage solution for various documents and passes. Users can store digital copies of airline boarding passes, concert tickets, store loyalty cards, gift cards, public transit tickets, library cards, and even vaccination records within the app.

The shift towards digital wallets has been accelerated by the COVID-19 pandemic, which drove a surge in contactless mobile wallet transactions. Governments and health organizations promoted the use of digital wallets to reduce the spread of the virus. Financial advisor Angel Escobedo notes, "This shift towards digital and embedded finance is reshaping consumer behavior and expectations, driving the need for innovative solutions that streamline transactions and improve financial management."

Google Wallet offers multiplatform support, working on any smartphone, although iOS users cannot utilize the tap-to-pay feature. This sets it apart from competitors like Apple Pay and Samsung Wallet, which are limited to their respective ecosystems. Google assures users that "anywhere you normally use Google Pay, from checking out online to tapping and paying in stores, remains the same."

While Google Pay will be retired in the United States, it will continue to operate in Singapore and India. The decision to maintain the app in these countries is tied to the launch of Google's wireless speaker, SoundPod, which is being introduced to merchants in those markets.

As the transition approaches, Google is working to ensure a smooth process for users. The company has set a clear deadline of June 4 for users to transfer their remaining Google Pay balances to their bank accounts. However, even if users forget to do so by the cutoff date, they will still have the option to transfer money from the Google Pay website after June 4.

Key Takeaways

  • Google Pay app to be replaced by Google Wallet in the US by June 4, 2024.
  • Google Pay users must transfer balances to bank accounts by June 4 deadline.
  • Google Wallet offers more features, including digital storage for documents and passes.
  • Shift to digital wallets driven by COVID-19 pandemic and contactless transactions.
  • Google Pay will continue to operate in Singapore and India, but not in the US.