Triggered by the growing use of digital wallets, the total cost of e-commerce fraud to merchants is likely to exceed $48 billion globally in 2023, from just over $41 billion in 2022, a report showed on Wednesday.
After the successful launch of the revamped version of Google Pay, the company has now announced that it will soon be discontinuing its peer-to-peer payments facility on its web app from January 2021. Along with this, it is going to add a fee for instant money transfers, reports stated.
Google Pay offered the ability to manage payments as well as send money from both a mobile app or from pay.google.com. Now, Google has released a notice on the web app that notifies users that the site will no longer work 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 informed.
While you can still manage payment methods on the web app, peer-to-peer payments will cease to exist.
Google also clarified on a support page that the original Google Pay app will stop working in January, reports 9to5Google.
It further said, “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.”
Last week, Google introduced several features in its Pay feature for both Android and iOS users which have been first rolled out in the US.
Google said it is working with financial firms to create Plex, a new mobile-first bank account integrated into Google Pay.