Google Pay update: Instant money transfers to be charged

Come January, Google will start charging users for instant money transfers on its payments application Google Play. It is also going to kill the Google Pay web app.

With Google Pay, customers have so far been able to manage payments and send money using both mobile app and pay.google.com. However, according to the latest announcement, Google announced that the web application website will stop working from January next year.

“Starting early in 2021, you won’t be able to use pay.google.com to send and receive money from other people. To send and receive money, use the new Google Pay app,” the company said.

While you can still manage the payment methods in the web application, there are no peer-to-peer payments anymore. On a support page, Google also clarified that the original Google Pay app will no longer work in January.

Google Pay will also add a fee on instant money transfers.

“It can take 1–3 business days when you transfer money to your bank account. Debit card transfers are usually instant. There is a fee of 1.5% or $.31 (whichever is higher), when you transfer out money with a debit card,” the company said on its support page.

Last week, Google launched several features in its paid feature for Android and iOS users, which were first introduced in the United States. The company says it is working with trusted financial institutions to create Plex, a new mobile banking account integrated with Google Pay.

Previously, India’s Competition Commission (ICC) ordered an investigation on tech giant Google in November for using its domain to promote its payment app, Google Pay, over other competing apps.

ICC regulations say the informant provided a detailed description of the Android ecosystem in terms of smart mobile devices, highlighting the importance of the Play Store to the overall Android architecture.

In response to the allegations, Google and its parent company Alphabet Inc. said Google did not favor the GPay (Tez) application in Play’s search rankings and that the allegations were “wholly misconceived”.