Within the next few months a dollar sign will pop-up into your Gmail account and you will able to transfer money wherever you wish without leaving your Gmail account.

The email payment functionality was one of the few interesting announcements by Google at the I/O conference in Moscone Centre West. Interestingly, digital payment will finally become as easy as attaching a file or a picture with an email.  Money could be send to people who are not using Gmail as well.

According to the Google Wallet site, US users who are 18 years and older will be the first beneficiaries of the feature which will roll out within a couple of months. It will be free for users whose bank account is linked to Google Wallet and for those who are using a Google Wallet prepaid account. If you are using a credit or debit card then there will be a flat fee of 2.9 percent charged per transaction. But receiving money will always remain free regardless of the funding source the sender chooses according to the site.

Initially, there will be a transaction limit of $10,000 USD and a $50,000 USD transfer limit per day period. This will include both money send to others as well as money transferred in and out of the users' Wallet Balance.

According to a post in the Google Commerce blog posted by Travis Green, Product Manager of Google Wallet, this is how the Gmail money transaction will work: In order to send money, the user has to hover over the attachment paper clip, click on the dollar icon to attach money to an email, enter the amount, and then press 'send'.

If one doesn't have a Gmail account they can send money by clicking the 'send money' button in Google Wallet. Sending money via Gmail is currently available only on the desktop. In order to send or receive money via phone, users will have to go the Google Wallet mobile site at Wallet.google.com.

Further, Google is assuring 100 percent Google Wallet Purchase Protection coverage for all eligible unauthorized transactions reported within 180 days of purchase.