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Google Wallet for iOS makes it easier to send money to your friends

Google has revamped its Wallet app on the iPhone. The new iOS app will now support peer-to-peer payments, making it "easy to send money to anyone in the US with an email address," according to Google. The Android version of the app got similar features earlier this month, repositioning Google Wallet as a competitor to services like Square Cash and Venmo.

According to Google's description of the new app, users can cash out any money they have in their wallet balance by using a debit card or linked bank account. It can also be used as a way of splitting bills amongst friends. You can no longer use gift cards or loyalty programs with the new app, however.

In May, Google announced Android Pay, a mobile payment service built around near field communication (NFC). It exists alongside Google Wallet, and launched earlier this month.