Google updates Wallet, now allows you to send money via Gmail

Time to report on another Google update announced today at Google I/O. Google has integrated its Wallet product into Gmail to allow people to send money with an e-mail. This makes the product competitive with PayPal, which also allows you to send money to other people. However, PayPal doesn't allow you to attach money to an e-mail.

The new attach money feature will allow you to send money to everyone, including people who don't have a Gmail account. According to Google, all transactions are stored on secure servers in encrypted form. Google monitors transactions for fraud and Wallet Purchase Protection covers 100 percent of "eligible unauthorized transactions."

It's pretty cool to be able to attach money to an e-mail just as you would attach an image or other attachment.