Capitalizing on Apple's sluggishness in delivering peer to peer (P2P) money transactions on Apple Pay, rival Google has pulled a fast one by bringing it's upgraded Google Wallet app to the iOS.

Earlier this month we saw the launch of Android Pay, which brings Android device users much of the same functionality iPhone users get with Apple Pay.

But the search engine mogul's first attempt at digital wallets, know as Google Wallet, is still very relevant because unlike Android Pay it provides P2P payment functionality.

P2P mobile payment solutions let you send money from your bank account, payment card, or digital wallet directly to another person's account fast and conveniently, right from your phone. What sets these apart from mobile banking apps is that you don't need to enter or even know the recipient's bank details in order to send them money.

Since P2P functions were added to Google Wallet (for Android) last month, users can transfer money from their bank account, debit card or wallet balance to anyone, even if they are not a user, using just the recipient's email address.

iPhone users can now benefit from the same P2P functionality, after the release of a new Google Wallet app for the iPhone on Monday. The app, which is available through the App Store from Apple, lets you send money or request a payment in seconds, and cash out money you receive directly from your wallet balance to your debit card.

Apple filed for a patent on technology which could be used in a peer to peer payments system in March last year, but has not yet included P2P payments in its popular Apple Pay mobile wallet.