Want to learn more ? here are some of the basics on Google Pay. See related: 3 major mobile payment security risks, and how to avoid them
What is Google Pay?
“ Google Pay is an easily way for anyone with a Google report – Gmail, Chrome, YouTube, etc. – to be able to pay on-line and in stores and besides send money to friends and kin, ” says Gerardo Capiel, product management director for Google Pay. But after the last relaunch, Google Pay is much more than that. The new version of the app comes with three modern tabs : “ Pay, ” “ Explore ” and “ Insights. ” In “ Pay, ” you can get access to peer-to-peer payments and your transaction history using tap-to-pay. In “ Explore, ” you ’ ll find deals and discounts based on where you shop. “ Insights ” provides you with an overview of your finances exchangeable to Mint and other budget apps. In 2021, Google Pay is besides planning to add banking features in partnership with Citi and Stanford Federal Credit Union. The feature will be called “ Plex Account ” and will allow users to manage their check and savings accounts veracious in Google Pay. Currently, you can join a waitlist for early access in the app .
How do you set up Google Pay?
Go on-line to Google Pay or download the app – available for both Android and iPhone devices. note that starting January 2021, you won ’ thymine be able to use the browser interpretation to send or receive money, and these features will only be available on the app. once you ’ ve downloaded the app, create an account .
- Connect your Google email account.
- Supply your phone number and verify it – the verification code will be sent to you via text.
- Set a few privacy settings, including whether you want to allow people to identify your account by your phone number or let Google Pay use your data to offer you rewards and personalized offers (more on that later).
- Complete verification. To be able to send money, you’ll need to set up your Google Pay balance by providing your first and last name, address, date of birth and last four digits of your SSN.
- Then you link your Google Pay account to a bank account, credit card or debit card.
One caveat : Your choice of fiscal cock will determine what you can ( and can ’ triiodothyronine ) do with Google Pay .
- Debit card: You can use the account to shop online or in stores, as well as send and receive money from individuals.
- Bank account: You can only send or receive money from individuals. No shopping allowed.
- Credit card: You can shop with merchants online or at brick-and-mortar locations, but you can’t send or receive money from individuals.
The character of fiscal tool you use with any stigmatize of peer-to-peer requital account “ makes a big dispute in terms of your rights with fraud and challenge payments, ” says John Breyault, vice president of public policy, telecommunications, and fraud for the National Consumers League. And if you link your Google Pay explanation to a debit calling card, “ it may be bad to dispute, ” he adds. See related: Debit cards versus credit cards : Know the differences
How does Google Pay work?
With Google Pay, you can do much more than just pay and receive money. Let ’ s explore the app ’ s three tabs and see what they can offer .
The foremost yellow journalism is “ Explore, ” where you can get access to special offers and Google Pay rewards. To take advantage of offers, you ’ ll want to connect your eligible card ( note that Discover cards are presently not eligible ), so that Google can provide you with offers based on your transaction history. once your menu is connected, you ’ ll witness offers ranging from popular deals to cash back at stores near you. You ’ ll indigence to activate the offer and make a qualify buy with your enroll wag to earn rewards. The cash back you earn will be added to your Google Pay balance. If you ’ re not sure if the electric potential rewards justify letting Google access your transactional data, the app offers a three-month test of the have. After that period is over, you ’ ll be prompted if you ’ d like to continue using the service .
In the “ Pay ” pill, you ’ ll see your payment history, including people and businesses you ’ ve recently paid. This is besides where you can find your friends to send them money. The “ Discover ” section of the tab shows you how you can use Google Pay locally – for example, you can order food within the app, pay for gas when you ’ re at the heart and feed the parking meter from anywhere .
“ Insights ” offers you a look into your spending when you connect your bank accounts through Plaid. additionally, you can opt in to partake data from your Gmail and Google Photos accounts, which Google Pay will scan for receipts. Tip: not all card issuers can be connected through Plaid – for example, we haven ’ thyroxine found Capital One on the list. We ’ ve besides experienced some bugs trying to connect accounts from versatile banks. While the overview might not be arsenic detailed as in other budget apps, the ability to search transactions by terms, such as “ chinese restaurants ” or “ shoes ” sets this feature apart. You can besides combine the terms to narrow down the results. At the top of your “ Insights ” screen, you ’ ll besides see blue icons representing agile summaries of utilitarian information, such as big transactions, upcoming bills and more .
Is money protected against loss, fraud and theft?
When you use google Pay, the other party or merchant doesn ’ deoxythymidine monophosphate receive your actual credit or debit card number, says Capiel. alternatively, they receive a one-time-use phone number that works only for the transaction. Known as tokenization, it can protect your circuit board if the merchant or payee is breached. When it comes to regulations that protect you from fraud and larceny, Google Pay is the conduit through which you use a bank history, debit card, credit menu or PayPal report. so, any protections are in space for those fiscal instruments still apply if you access them through Google Pay .
- Consider how you want to use your Google Pay account, as well as what payment options you feel most secure using online.
- Credit cards often offer $0 liability in cases of theft or fraud. They also give you dispute rights.
- With debit cards and bank accounts, the legal liability for theft or fraud is $50 – if you report the loss within two days of discovery. But you may be without that money until the bank investigates. And if the bank decides you’re at fault, you take the loss.
- When you use a peer-to-peer payment service, there are no guaranteed ways to retrieve money once it’s sent. So, you need to carefully vet the recipient’s address or phone number before the transaction, as well as proofread every part of the transaction several times before you hit send.
Google Pay ’ s app “ does warn you when you ’ re sending to person who ’ s not in your contact list, ” says Capiel.
Read more: Credit Saint Credit Repair Review
In summation, the Google Pay service shows the transmitter the final send amount so they can verify or reject it. And, “ depending on how the recipient has it set up to receive the money, you may have some time to cancel the send, ” says Capiel. If those solutions don ’ triiodothyronine solve, and you ’ ve sent money to the incorrectly person or in the incorrect amount, Google Pay urges users to call its customer military service center and their bank, he says. Tip: Financial institutions can take the status that if you sent money ( even to the ill-timed person or in the ill-timed amount ), you authorized the transaction. Consumer advocates differ on whether that ’ s the event. If you have a problem getting money restored from your fiscal institution, you can file a complaint or ask for guidance through the Consumer Financial Protection Bureau and your state lawyer general ’ second office, says Lauren Saunders, associate director for the National Consumer Law Center. And if the problem involves person else using your identity or history, you can contact the Identity Theft Resource Center. See related: Venmo Guide : How to send, receive money using Venmo
How much does it cost to use Google Pay?
Google Pay charges a transfer fee of 1.5 % ( minimum of 31 cents ) when you ’ re transferring funds available in your Google Pay balance to a debit circuit board. Paying the tip makes the remove instantaneous, and the funds will be available immediately. alternatively, you can cash out this balance to a linked bank account at any time without a tip if desired. This process can take up to 5 occupation days. All other Google Pay features are release to use .
How quickly does the other party receive money sent through Google Pay?
That depends on which payment device you ’ ve linked to your explanation .
- If you’re using a debit card, typically “it’s within minutes,” says Capiel.
- If you’re your Google Pay balance, the recipient will also get the money almost right away.
- With a bank account, “it really depends on the bank,” he says. “We typically say it takes one or two days.”
- With a credit card or PayPal, you can’t send money to an individual through Google Pay.
See related: Is PayPal safe ? 10 security tips to protect yourself
What’s the difference between Google Pay and Google Wallet?
What used to be called Google Wallet has been combined with Android Pay – and is now called Google Pay. See related: Guide to mobile wallets : Samsung Pay, Apple Pay, Google Pay
Are Google Pay transactions public?
No. Unlike Venmo, Google Pay doesn ’ thyroxine have a social media component. only the transmitter and receiver ( and their banks or credit card issuers ), know about the transaction .
How can you protect yourself when using Google Pay?
When it comes to dealing with individuals and peer-to-peer payments, you only want to send money to people you know and trust. Scammers are already altering previous cons to fit new technology, says Alexandra Hamilton, digital communications coordinator for the Identity Theft Resource Center. Always independently verify any request for payment. And never use a peer-to-peer service to pay for goods you haven ’ deoxythymidine monophosphate so far received. “ Be very careful who you ’ re sending money to, ” says Breyault .
Can users earn credit card rewards and loyalty points through Google Pay?
Yes. If you link your Google Pay explanation to a rewards credit card, you ’ ll still earn those rewards on top of the cash back you may be earning within the app. a far as the credit calling card and merchant are concerned, you ’ re paying with your credit tease, so you get any rewards or cash back that card awards for purchases from that merchant, says Capiel. so when you use google Pay to make your purchase, your commitment rewards are automatically added to your account. “ They can add many early types of loyalty cards, ” Capiel says. “ It ’ s another big way to save money. ”
That said, you might want to read the ticket photographic print on special promotions run by your recognition poster when it comes to paying with a fluid wallet .
Does Google Pay offer its own cards?
not in the U.S. however, in some other countries, Google Pay uses a contactless card for real-world transactions rather of a earphone app. Tip: Disable overdraft protection on whatever fund source ( bank history, debit card ), you use with P2P payment systems and mobile wallets. That room, you ’ ra certain it will stop working when your explanation hits $ 0. besides, disable any automatic recharge features on apps or accounts you use or link to a mobile wallets. “ The more you can do, the better, ” says Hamilton .
Do I need extra security when using Google Pay?
If your telephone is now your wallet, you need wallet-level security. A few easily moves :
- Make sure your phone is password protected, whether you use a PIN, a fingerprint or password, says Hamilton. And make sure it’s a unique PIN or password – not the one you use everywhere else.
- Also, shorten the length of time your phone has to idle before it locks, says Hamilton. That way, if you leave it somewhere and someone grabs it, you lessen the amount of time they have to rob you.
- When you want to use Google Pay, “typically, you log in with email address,” says Capiel. He also urges users to take advantage of two-factor authentication – with a phone number and email address.
- Use anti-malware and antivirus protection on devices and keep it updated, says Breyault. And employ two-factor authentication not just with any peer-to-peer payment system itself, but also with any email address you associate with that service.
- Contact your card issuer to add an extra PIN or two-factor authentication on the financial account you’ll use for P2P payments and within mobile wallets. And ask what security measures it can offer.
See related: How to protect your cards and accounts online
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