In order to compete with other app-based payments and money sending services, such as the giant that is Apple Pay, Google launched its very own Android Pay app earlier this month. The app builds upon and picks up where the company's previous Google Wallet app left off by allowing users to pay at hundreds of locations using NFC-technology in addition to paying for in-app purchases.

Google Wallet has been updated and completely rebuilt for iOS as well, turning it into a peer-to-peer payment service. The revamped app now allows users to send money to anyone with an email address - even if they do not have Google Wallet installed on their own devices.

A video uploaded on YouTube by Google explains just how Google Wallet has changed and how it will help make payments and sending money easier.

According to the video, users simply need to link their existing U.S. debit card or bank account to Google Wallet to be able to send and receive money to anyone. Cashing out maybe done through a bank account or an ATM.

Alternatively, users may also opt to get a Google Wallet Card, which can be ordered for free from within the app itself, and it may be used like any debit card at any physical stores and ATMs which accept Mastercard. And just like any debit or credit cards, any verified unauthorized transactions made with a Google Wallet Card are 100 percent covered by Google Wallet Fraud Protection plus whatever existing services users have with their bank that is linked to a Google Wallet account.

The app also make it easy to view spending history and to set up recurring payments and transfers between a bank account and a Google Wallet account. Out at dinner with friends and can't seem to figure out how to split the bill? Make it easy with Google Wallet by sending each other the cash with no need to scramble around for loose change.

Google Wallet for iOS is available to download from the Apple App Store.