Google Pay users can now send money abroad in India and Singapore to Google Pay users.
- Google Pay users in the US can now transfer money to Indian and Singapore users.
- Google collaborated with Western Union and Wise for this purpose.
- The company noted that beneficiaries in India and Singapore would receive the full sum.
- Google revealed exclusive deals for Western Union and Wise users as part of the introduction of remittance services on its website.
Google Pay users in India and Singapore are also able to collect money from users in the United States. This has extended the Google Pay functionality to include payments services – an industry that sees $700 billion in annual payments.
Google partnered with Western Union and Wise for this purpose (formerly known as TransferWise). This allows Google Pay users in the USA to send money directly in India and Singapore to Google Pay users. When you submit, you can choose one of two choices – Western Union or Wise.
The exchange rate and transfer fee are shown when you submit money. The recipients in India and Singapore will receive the entire sum the US consumer wants to send – that is, the sender and not the recipient will be charged for all charges.
So the US consumer is asked to enter the exact amount they want to send when sending money. Based on this number, the fee and exchange rate will be determined.
Google said it plans to extend this option by the end of the year to 200 countries.
“We foresee the United States by the end of the year. Google Pay users can submit money via Western Union to citizens in more than 200 countries and territories, and through Wise to over 80 countries.”
All transfers through Western Union will remain free from today until 16 June as part of the launch. For transfers through Wise, the first transfer is free of charge for new customers up to $500.
Google, for its part, will not charge a transfer fee.
It should be noted that for now, transfers from the US to India and Singapore can only be made, not the other way round.
Indians are the largest party to send money home
Indians are the largest group of immigrants sending money home – the UN International Organization for Migrants reports that Indians repaid $78.6 billion in 2018. The next came to China and Mexico, with 67.4 billion dollars and 35.7 billion dollars respectively in remittances.
The United States is now the largest sender at 68 billion dollars, followed by the United Arab Emirates and Saudi Arabia, respectively, for 44.4 billion dollars and 36.1 billion dollars.
Google Pay Users In India Will Now Be Able To Receive Money From USA.