Realizing its mistake, Google released a statement on Friday saying that it had initiated the payments on Thursday, March 15th and that it could take up to three more days for the funds to hit developer's bank accounts. While no reason for the delay in making the payments was given by the Mountain View based firm, perhaps switching names from the Android Market to Google Play Store had something to do with it. It certainly wasn't because the company was strapped for cash.
And yeah, we know that Google doesn't really use old technology like snail mail to make those payments. We just thought that it sounded better than saying that the money is is in the middle of an electronic transfer.