May 17, 2013, 10:44 AM — Sending rent to your landlord or reimbursing a friend who lent you money may become a little more convenient. Yesterday, Google announced that it is integrating Google Wallet with Gmail, making financial transactions as easy as sending an email.
The new feature, which is available to Gmail users ages 18 and older, is rolling out over the next few months. Google says that you can get early access to it if your friends have the feature and send money to you.
When you receive access to the feature, you'll notice a new button ($) added to the Gmail compose window. To send money, click it and enter in the amount. Transactions are free if you're sending money from Google Wallet or directly from your bank account. If you use a credit or debit card, you will be charged a 2.9% fee per transaction (minimum $0.30). Receiving money is free.
As soon as you click Send, recipients will receive an email confirmation that they've been sent money. If you're sending money from Google Wallet, credit or debit cards, the recipient will receive funds almost instantly. Sending money from your bank account could take several days.
You can send money to people who don't have a Gmail or Wallet account, though the recipient will need to sign up for the feature to accept the money. Once your recipient receives the money, they can deposit it in a bank account or use it at any of the 200,000 locations where Wallet is accepted.
Google does place limits on the amount of money you can transfer in a day, capping it at $10,000 and $50,000 in a five-day period. This includes both money sent to others as well as money transferred in and out of your Google Wallet Balance.
Google also says it ensures the privacy and security of your account. When you use Google Wallet, your financial information is encrypted and stored on secure servers, and all transactions are monitored to prevent fraudulent activity. Google Wallet Purchase Protection also covers all eligible unauthorized transactions.
Kristin Burnham covers consumer technology, social networking and social business for CIO.com. Follow Kristin on Twitter @kmburnham. Follow everything from CIO.com on Twitter @CIOonline and on Facebook. Email Kristin at firstname.lastname@example.org
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