While Gmail for the desktop browser has been able to send and receive payments for a while in the US, Gmail has now extended this functionality to its Android app.
The new server side update basically lets Gmail users in the US and UK send and request money using their Gmail inbox. The service works with Google Wallet integration, so as you may have guessed, is expected to work best with Gmail users only. But Engadget claims that it even works with email services other than Gmail. But for now this is only limited to users in the US.
So how do you send across money? Simple. Tap the compose button, then enter the email address you want to send money to. Tap the attachment button, and then tap on the '$' icon. The icon will change according to the supported currency of the country (£ for UK users).
Simply enter the amount your want to send and choose a payment method. Then click attach and Send.
Requesting or recieving money is fairly simple as well
Tap Compose, then tap again on the attachment icon. Hit the $ icon and then tap on request. Once you have entered the amount, tap Attach and then send.
The service for now is only available in the US and UK as per the Gmail support site.