Google announced on November 18 that it has launched a completely redesigned Google Pay app with many new features. The most important part—and likely what people care about most—is cashback. Yes, the new Google Pay will offer a card-based cashback platform similar to Dosh and Rakuten In-Store, and it is currently available only in the U.S.

Installation and Setup

The new app is only available in the U.S. at the moment. Android users can click here to go to Google Play and download the new GPay app without deleting the old Google Pay app. iOS users can go to the App Store to update the existing Google Pay app, or search for “Google Pay” to download it.

Cashback Opportunities

The new GPay app supports cashback, but you need to turn on rewards first inside the app (select "Earn rewards on qualifying actions"). Whether you are a new or existing user, there are now 2 easy promotions:

  1. Send money to someone who has never made a transfer in Google Pay, or make in-store Google Pay contactless payments, and you can earn $1-$5 in cashback, with a limit of 3 transactions.
  2. Refer Google Pay to a friend; if they sign up for Google Pay and complete their first successful payment, you can earn $1-$10 in cashback. If you have never used GPay before, you can register using this site’s referral link on your phone. Thanks for the support!

For contactless in-store payments, the offer is very easy to complete: just add your card to GPay and tap it at supermarkets, restaurants, and other contactless-capable stores, but this is only for Android users.

If you look closely, Google Pay already has some in-store cashback offers, but most of them are clothing stores, so there isn’t much value to grab.

After completing the tasks, the cashback is deposited into your Google Pay balance and can be transferred out to a bank. Note that withdrawing with a debit card incurs a fee, so the author recommends using ACH transfer, which is fee-free.

GPay Bank Accounts

Google Pay is partnering with a few banks to offer in-app banking services, and reportedly there are no fees. The bank partners currently visible include Citi and some local credit unions. You can now join the waitlist inside the app; when it launches, check back to see whether any rewards are offered.

Other Features

If you’re curious about other features in the new app, here is a brief summary. The new app includes a lot of personal finance features to help you track spending, budget, and also earn cashback on purchases. Google Pay may be moving in a direction similar to Square Cash App, aiming to become a financial hub.

Also, interestingly, the new app now includes a chat feature. It seems apps can’t escape the social-everything trend.