Google on Monday announced that sending money and paying people back will soon be as easy as sending a text message as the company introduces its new service called Google Wallet.

This new mobile payment system will let people send money to anyone inside United States. Users can use this service with their existing email address even though they do not have a Wallet account. The company also emphasizes that users can now send money to people on their contact list by just using a phone number - no email address necessary.

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According to Google Wallet Team, when a sender sends money to a phone number, the recipient will immediately receive a text message with a secure link. From there, the recipient will just simply input their debit card information to claim the money and "within minutes" it will be available in their bank account as explained by the Team.

The new version of Google Wallet app that includes this feature will be available to the App Store and Google Play in the next few days.

"We're thrilled with the great feedback we've received on the new Google Wallet app, and we're working hard to make the experience even better," says Google Wallet team.

Recently, Google released a number of updates for its Wallet app. The updates include an improved contact suggestion, so that user can see the people they are sending the money. The updated app also feature the ability to link a second bank account and a security feature that lets people lock the app with just a simple tap,

The Google Wallet Team encourages users to give more feedbacks regarding the App thru Twitter, Google+ and the App itself. The team explains that they really want to hear more about what features users want to see in Google Wallet.

An updated version of Google Wallet was released last September featuring a sleeker design, new icon, and more functionality.

Tags Google Wallet, App Store, Google Play