The search engine giant has launched the new Google Wallet app ahead of Android Pay launch. The biggest question, which comes in everyone’s mind, if Google is already having a wallet app, why is it launching another similar app?

The revamped app comes with a new UI and can be used for making online purchases or sending money to others via an email address. Some other features in the new Google Wallet app are: keeping track of transactions, setting an amount to Wallet Balance and quickly cash out to your debit card or bank account. Reportedly, the new app will challenge other competitive services including Venmo and Square Cash.

The search giant said regarding the new Google Wallet:

“The new Google Wallet makes it easy to send money to anyone in the US with an email address, even if they don’t have an existing Wallet account. It’s fast, easy, and free to send money directly from your debit card, bank account, or Wallet Balance.”

The upcoming Android Pay service would be replacing the old Google Wallet app as its listing on Google Play states: “This app will be updated to Android Pay in the next few days.” All the features of the old app would become a part of the upcoming Android Pay. As of now, both the old and new Google Wallet app versions exist on Google Play Store.

It doesn’t matter if you are using the new Google Wallet app on Android or iOS, your balance would be retained; however, Android Pay would be additionally available for Android users. According to Dave Burke, Google engineering vice president, Android Pay would be accessible over 700,000 US retail outlets accepting contactless payments.