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In an attempt to make its mark in a fast growing money payments market dominated by Venmo, Square Cash and Zelle, technology firm Google has introduced a new P2P payment feature to its Gmail Android application to enable its Gmail account holders in the US to send payments as attachments.
With the new app, cash recipients do not need a Gmail account and cash is credited directly to their bank accounts. Users in the US should link a card and then click on the attachment icon and select the send or request money options. Earlier, Gmail users could send and request payments only through website. The new free app that is developed to further simplify money transfer is expected to benefit millions of Gmail account holders in the US.
Google first commenced send and receive money service through Gmail on desktop in 2013. Domestic P2P transfer market’s transaction value was US$ 37,132 million in 2016 and expected to reach US$ 1,76,423 million in 2021. From 2015 to 2016, the growth rate achieved was 55.3% while expected CAGR from 2017 to 2021 is projected to be 33.5%.
To know more and gain deeper understanding of mobile payment industry in the United States, click here.
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