Google Pay, the popular P2P money transfer service from Google has announced that U.S. Google Pay users can now send money to Google Pay users in India and Singapore.
Coimbatore: Google Pay, the popular P2P money transfer service from Google has announced that U.S. Google Pay users can now send money to Google Pay users in India and Singapore. This is Google Pay’s first push into the Cross border payments space, and it has partnered with Western Union and Wise (formerly Transferwise) to enable this. In India Google pay is integrated with Unified Payment Interface (UPI) developed by National Payments Corporation of India (NPCI).
For now only users in USA can send money to India and Singapore and not vice versa. Announcing this new service on its blog, Google explained
“To send money internationally, start by searching for the Google Pay user you want to send money to, tap “Pay,” and select either Western Union or Wise. From there, you simply follow the steps to complete the payment. From now until June 16, Western Union will offer unlimited free transfers when sending money with Google Pay, and Wise will make the first transfer free for new customers on transfers up to $500.”
This cross-border remittance feature is only available for P2P payments. And American businesses cannot send money to individuals or businesses in India.
According to reports,this cross border remittance feature will be rolled out globally by the end of the year.Google chose India and Singapore because of their large remittance transactions globally. In 2019 India received the largest volume of foreign remittances globally, clocking USD 80 Billion. Google says for some of its users sending money back to their home countries is a regular activity and they are making it more accessible by adding it to Gpay.
Earlier this year Google redesigned and launched an updated version of its Google Pay app in the USA by adding checking accounts and other banking services from major banks like CITI Bank.
In a separate statement Shelly Swanback, President of Western Union - Product and Platform,said that the pandemic continues to have a devastating impact on communities, customers and colleagues in many parts of Asia.This convenient channel will help people continue supporting one another in these trying times as they reimagine how they can pay and move money worldwide.
For now only users in USA can send money to India and Singapore and not vice versa. Announcing this new service on its blog, Google explained
“To send money internationally, start by searching for the Google Pay user you want to send money to, tap “Pay,” and select either Western Union or Wise. From there, you simply follow the steps to complete the payment. From now until June 16, Western Union will offer unlimited free transfers when sending money with Google Pay, and Wise will make the first transfer free for new customers on transfers up to $500.”
This cross-border remittance feature is only available for P2P payments. And American businesses cannot send money to individuals or businesses in India.
According to reports,this cross border remittance feature will be rolled out globally by the end of the year.Google chose India and Singapore because of their large remittance transactions globally. In 2019 India received the largest volume of foreign remittances globally, clocking USD 80 Billion. Google says for some of its users sending money back to their home countries is a regular activity and they are making it more accessible by adding it to Gpay.
Earlier this year Google redesigned and launched an updated version of its Google Pay app in the USA by adding checking accounts and other banking services from major banks like CITI Bank.
In a separate statement Shelly Swanback, President of Western Union - Product and Platform,said that the pandemic continues to have a devastating impact on communities, customers and colleagues in many parts of Asia.This convenient channel will help people continue supporting one another in these trying times as they reimagine how they can pay and move money worldwide.