Google Pay users in the United States can now send money to GPay users in India and Singapore, the tech giant announced on May 11. The news was first reported by Google and TechCrunch also confirmed the same via a blog post. Western Union and Wise have collaborated with the American multinational technology firm for this leap. Both companies have incorporated Google Pay into their services. This is the first time that cross-border payments companies have agreed to such a contract.
By the end of the year, Google intends to extend the campaign globally. “As we do with a number of Google products, we will test, learn, and iterate and then start scaling,” Google’s Director of Product Management Josh Woodward told TechCrunch. All Google users will soon be required to use two-step verification.
Wise will help Google Pay in over 80 countries, while Western Union will power cross-border payments in over 200 countries, according to the agreement.
The Google Pay feature will function as follows:
Users must first search for the Google Pay user to whom they wish to transfer money before sending money internationally. They must tap on Pay once they have found the contact. Google Pay will offer you the choice of using Western Union or Wise. Users must then complete the payment process by following the steps.
With a growing user base, Google Pay is currently one of the most popular apps in India. According to TechCrunch, when a consumer from the United States is transferring money to their family in India or Singapore, they will be informed of the “exact amount that the recipient will receive.”
Cross-border transfers are not possible except for person-to-person transactions.
Wise and Western Union hope to grow their presence in many countries as a result of the alliance, as well as engage more vigorously with competitors such as PayPal.
Western Union had previously stated that it would not charge any receivers and that they would obtain the same value in their local currency that the recipient in the US had selected. Wise, on the other hand, stated that it would charge the actual foreign exchange rate as well as additional transfer fees, which would differ by region.
In the meantime, Google has confirmed that it would not charge customers any fees. Western Union will provide unlimited free transfers when sending money with Google Pay until June 16, while Wise will give new customers the first transfer for free on transfers up to $500.