Google Wallet users, rejoice! You can now save time and handle your money more easily, thanks to automatic transfers.

When Google introduced Android Pay, many thought it would soon mark the demise of the older Google Wallet platform. The company reassured users that it was not the case and Google Wallet would live on, coexisting alongside Android Pay, and it made good on its word.

Not only is Google Wallet still very much alive, but it also just got a whole lot better thanks to the latest update, which allows for automatic transfers. Up until now, users had to cash out their money from their Google Wallet balance in order to use that money elsewhere.

Automatic transfers, however, now eliminates the cashing out step, thus giving users easier access to their finances and speeding up the whole process. The feature made its debut with the app's latest update on Aug. 25, but it will roll out gradually to users starting next week.

This means that it may take a few more days for all Google Wallet users to be able to use automatic transfers, but the feature is nonetheless on its way.

"Access your money faster! Money you receive will automatically transfer to your bank account or debit card," Google notes on the app's page, describing what's new with this update.

Users who would rather not use automatic transfers will still be able to keep their money stored with Google and cash out when necessary. Otherwise, Google Wallet users can link a bank account or a debit card to their Google Wallet and enable it for automatic transfers so they can handle their money with more ease. That said, it will still take a while to transfer the balance to your debit card, but automatic transfers seem like a smoother process overall compared to the previous solution.

The latest update should enhance the overall experience, especially after Google nixed its Google Wallet Card service back in June. At the same time, the update finally brings Google Wallet more in line with rival payment services such as PayPal, Square Cash, Venmo and others, and should help it regain some of its lost ground.

Are you still using Google Wallet, or have you moved to other rival services? If you're still using it, does this new update make things better? Drop by our comment section below and tell us about your experience with Google Wallet or other such service you're using.