Google Play or Paypal? Yes! If you haven't known yet Google Wallet has raised the bar yesterday by being a much more competent online payment service than how it used to be. While Paypal may have ruled the online money-sending medium, professionals and small businesses use to quickly and efficiently carry out monetary transactions online, Google might have created the perfect weapon to change all that.

Paypal has become a semi-household name because of its stellar performance in easily sending money with just a few clicks here and there. Meanwhile, although Google's Wallet service isn't at all a new thing, its newly revamped self might be the perfect competitor that will challenge Paypal to the limit. Google has announced at the 2013 I/O conference that its Wallet service is not just any ordinary online payment service anymore. It has now fully evolved into a more flexible service with the added ability to send payments from one's Gmail account.

Much like Paypal and all of its odds and ins, Google Wallet can now be linked to a bank account, a credit or a debit card. Then, if you want to send cash to someone, you simply attach the amount you want to send. The receiver will get a notification from Google Wallet on how he can claim the attached money.

Taking a closer look at the perks of using Google Wallet over Paypal, it is very noticeable how easy and fast the former is than the latter. For one thing, one does not need to log into Paypal every time he wishes to send money or pay for anything online. Google Wallet is automatically accessible once he composes a new message. As per the processing charge, the two online services charge 2.9% or $0.30 as minimum for every transaction.

Although we didn't find that much difference on the coverage and flexibility of the two in terms of handling any type of transactions, we have noticed one major downside on Google Wallet: its geographical availability. While Paypal is a well-established money-sending service that is pretty much accessible all over the world, Google Wallet's Gmail integration does not have solid geographical accessibility as well as demographics. As of late, it has been launched and made available only to US-based Gmail users. But we'll just wait and see. Perhaps, in time, Google Wallet will be as ubiquitous as Google itself.