Google Wallet Master Thread

[compddd]

You don't have to wait that long

If you had read the thread you would have seen that he was asking how long he should wait to avoid pissing off GW and getting a C&D letter.........

[Shreknit]

If you had read the thread you would have seen that he was asking how long he should wait to avoid pissing off GW and getting a C&D letter.........

I read the thread you don't have to wait 3 to 5 days IMO

[Shmulyg]

I also based it on the verbiage in C&D letters, as well as the fact that the whole point of them doing this system is to have people keep balances in GW, at least for a while.

That's how they make money.

I can think of other ways they make money off this, namely, they're primary way of making money: a better e-mail service, which in turn leads to more users, which in turn leads to more advertising money.

[jaywhy]

I can think of other ways they make money off this, namely, they're primary way of making money: a better e-mail service, which in turn leads to more users, which in turn leads to more advertising money.

+1
Although its certainly possible that they are also trying to monetize the float on the GW balances.

[Shmulyg]

+1
Although its certainly possible that they are also trying to monetize the float on the GW balances.

Yes, they will try to monetize everything. But i don't see them hardwiring they're system to sift out those who don't hold a balance if that's not GW's primary purpose. I could be wrong, of course.

[ivi555]

i have google  wallet from 2006 (this what i see in my txn view) , and was able to pay for some purchases, but do not have ability to send money to anyone .
Can somebody send me a penny so i can get it all up and running ?

thanks.

[Redbull3]

If anyone wants pennies feel free to PM me your gmail

[EMES]

If anyone wants pennies feel free to PM me your gmail

freedom exclusives ?  lol

[itsyehuda]

??
So you are asserting they are a bank?

It's similar to amazon prime. The system works because they get to hold on to the money for however long.

[Achas Veachas]

It's similar to amazon prime. The system works because they get to hold on to the money for however long.

On AP I always withdraw within minutes of getting the money.

[Marco Polo]

On AP I always withdraw within minutes of getting the money.

But how long does it take to hit your bank account...

[Achas Veachas]

But how long does it take to hit your bank account...

So they make their money of the few hours it takes for the money to go through?

[Marco Polo]

So they make their money of the few hours it takes for the money to go through?

Overnight trading. While in America the markets may be closed, there are other markets open around the world.
(not saying this is what they are doing, but this is what makes sense to me)

[m65]

Overnight trading. While in America the markets may be closed, there are other markets open around the world.
(not saying this is what they are doing, but this is what makes sense to me)

come on. the amount they make on that covers all the millions of processing fees?

[Redbull3]

Overnight trading. While in America the markets may be closed, there are other markets open around the world.
(not saying this is what they are doing, but this is what makes sense to me)

Yes overnight sweep accounts. I think banks do this - when you transfer from Chase to Citi and it takes 2 days, someone is probably making money off of your money. I highly doubt AP or GW are using these. AP transfers instantly and hits the bank account the very next day. GW is showing a bit of a lag getting the money for large sumbs over but I believe that is more verification than investment.

[Shreknit]

But how long does it take to hit your bank account...

About 2 days

[tuvz]

I can think of other ways they make money off this, namely, they're primary way of making money: a better e-mail service, which in turn leads to more users, which in turn leads to more advertising money.

Just a theory

This could be a google equivalent of paypal for personal use, and currently the feeless paying is to lure in as many new users as possible.

Granted all the DDFers and many others will leave if/when they starts charging 

[compddd]

I doubt any DDFer uses Paypal at all for meeting spend. No reason to when there is AP + VR/GC/MVD combo.

[tuvz]

I doubt any DDFer uses Paypal at all for meeting spend. No reason to when there is AP + VR/GC/MVD combo.

Not my point
Was just theorizing about GW's purpose

[itsyehuda]

Yes, they will try to monetize everything. But i don't see them hardwiring they're system to sift out those who don't hold a balance if that's not GW's primary purpose. I could be wrong, of course.

Not because they don't make money on them, but because using the service in that manner is a red flag of abuse. Pulling money out of the account and then sending the same amount you just pulled via credit card is obviously a points play. Otherwise, why wouldn't you use your GW balance to pay the person?

Personally, I don't mind leaving it there for a few days. Let everyone win. I don't need the money until the statement closes anyways.