What this means for the industry

Just read an article about a new Google feature that I found really exciting. Apparently if you have your cc or bank linked to your Google account, you can attach money right to an email like a photo and hit send. The funds are automatically deposited into the recipients G Wallet.

Thought it would be ground breaking for those older gents who don't deal with paypal.

http://news.yahoo.com/gmail-money-se...203616465.html

Whatcha think??

wow---sounds cool!

Sounds cool, but based on recent activities by the government (and LE), it would not be a good, nor safe idea. If your bank account (opened with your real life information) is linked to your gmail account via your website/ad, it makes it that much easier to find out who you are for the government (IRS) and LE. It leaves an electronic trail that can be easily traced - best to keep it simple, cash...

So long as it would work with my HOBBY email and not require my "real life" email linked to my bank account, I might consider that.

I'll be interested to see how that develops. I'm always looking for an alternative to Green Dot for deposits/prepayments. If there were something completely online, that didn't have to make a gentleman go to a brick-and-mortar store, but that wasn't as prone to funds-seizing as PayPal, I'd be happy to switch to that.

I'm gonna wait and let other people test it out first, though, because of some of the hazards already mentioned.

Until then, as said above: Cash is king. And its prince is Green Dot, at least for me!

Key words to think about:

the service is free if your Google Wallet is linked to a bank account, or Google will charge a fee if it is attached to a credit or debit card.

Getting hold of the cash requires the above. Either a bank account or a credit/debit card.

Your bank account obviously will not be in your hobby name.

Your credit/debit card has a "real name" which may or may not be associated with your Social Security number.

Two bits against a Krispy Kreme donut, Google on its end will require some sort of tax identification verification.... Maybe not at the start of the evolution, but, sooner, not later, when the Feds figure out the huge amounts of money moving back and forth, i.d. will be mandatory.

Not impossible right now to get a debit card without an i.d. check. Later, who knows.

Google is not doing this for free. The company obviously sees huge potential for profit in this new adjunct to their business. Guvmint will be closely watching due to the potential for money laundering and tax avoidance.

Key words to think about:

the service is free if your Google Wallet is linked to a bank account, or Google will charge a fee if it is attached to a credit or debit card.

Getting hold of the cash requires the above. Either a bank account or a credit/debit card.

Your bank account obviously will not be in your hobby name.

Your credit/debit card has a "real name" which may or may not be associated with your Social Security number.

Two bits against a Krispy Kreme donut, Google on its end will require some sort of tax identification verification.... Maybe not at the start of the evolution, but, sooner, not later, when the Feds figure out the huge amounts of money moving back and forth, i.d. will be mandatory.

Not impossible right now to get a debit card without an i.d. check. Later, who knows.

Google is not doing this for free. The company obviously sees huge potential for profit in this new adjunct to their business. Guvmint will be closely watching due to the potential for money laundering and tax avoidance. Originally Posted by ck1942

+1

The ease of use and convenience of ways to access cash via smartphones,,,atm's etc...will aid in the ability of bigbrother to track what you are doing without leaving the office.

It's always best to deal in cash, and even that leaves a record depending on how you access your cash.

Personally, I'm a little Google averse, since they've been so interested in tying your whole life together. I don't associate my phone number with any of my Google products, and I most definitely wouldn't associate my bank account with my Google account.

It does sound cool though. If I weren't such a chicken I'd try it too.

Ck, some very interesting, valid, and well thought points. Enough to send a girl a'pondering.

Ck, some very interesting, valid, and well thought points. Enough to send a girl a'pondering. Originally Posted by Calista_Syn

which just goes to show you ....
dont trust everything you read on the internet!

including this post.

Nothing wrong with going to an ATM

Personally, I'm a little Google averse, since they've been so interested in tying your whole life together. I don't associate my phone number with any of my Google products, and I most definitely wouldn't associate my bank account with my Google account. Originally Posted by Tiffani Jameson

Really solid reasoning there.

If you're not paying for a product, the product is you.

Would never do anything electronically. Forget the whole big brother angle. Think more of ROB-- Rip-Off Bitches. You send payment electronically, and they don't show up. Bring whole new meaning to NCNS. Cash is the best way to go. Even after handing over the envelope, the client still has some control of the situation. As long as the cash is in the same room as the action, the lady is always going to think twice about ripping off a guy if she knows he can still get the money back. Call it a psychological form of control for the client.

+1 CPalmson. I am very averse to leaving any type of paper trail, or electronic trail. With all the BP busts going on in North Florida, and everywhere else, I would never open myself up to this type of potential pitfall. Also, good point about getting ripped off.

I just think that this is a pandora's box that could be exploited by LE, both for the hobbyists and the providers.