Digital payment service Google Pay has recently announced some changes it will be making in 2021. According to 9to5Google, Google Pay is set to discontinue its peer-to-peer payments on its web platform in the new 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.”
Google also clarified that the original Google Pay app is set to stop all functions in January 2021. Although the original app had zero fees for transfer money to a bank account or debit card, there will now be a 1.5% fee (minimum of 31 cents) for any transfer made using a debit card.
“This is our fee. A fee of $0.31 or 1.5% of the transaction amount (whichever is greater) is assessed on transfers from your registered debit card to your Google Pay Balance. This fee is waived until you are able to register and use a debit card account to transfer funds to your Google Pay Balance, or March 31, 2021 (whichever is later). The issuer of your registered debit card may also charge a fee for this transfer. No fee to transfer funds from your registered ACH-enabled checking or savings account to your Google Pay Balance. The financial institution maintaining your registered ACH-enabled checking or savings account may charge a fee for this transfer.”
Google Pay further noted that it can take 1 to 3 days to transfer money to bank accounts, with debit card transfers being usually instant.