Google Pay US Users Can Now Transfer Money To India, Singapore

Google Pay US Users Can Now Transfer Money To India, Singapore

SUMMARY

The company will expand the feature further to allow US-based users to send money to people in over 200 countries

Google Pay picked India and Singapore for the launch of this feature because of their importance in the remittance ecosystem

Western Union will power cross-border payments on Google Pay in over 200 countries, while Wise will extend services in over 80 countries

Digital payments giant Google Pay has rolled out a new feature that will allow users from the US to transfer money to users in India and Singapore. The company will expand the feature further to allow US-based users to send money to people in over 200 countries.

The remittance feature currently allows only Google Pay’s US users to send money to those in India and Singapore and not the other way around. Josh Woodward, director of product management at Google, in a conversation with TechCrunch said that the company picked India and Singapore because of how crucial they are in the remittances world.

According to a World Bank report, India was the largest country for remittances in 2019, receiving more than $80 Bn. The US was the largest sender.

It’s also important to note that Google Pay currently holds up to 38% market share of India’s unified payments interface (UPI) market with more than 900 Mn+ transactions on a monthly basis. Google Pay had recorded 34% of the total transactions in April 2021, with 905 Mn.  The company’s transactional value was at INR 1.90 Lakh Cr.

Google Pay users in the USA can send money internationally by searching for the person, they want to send the money to, on the app. Then, simply press the “Pay” option and select either Western Union or Wise. As part of the partnership, Western Union will power cross-border payments on Google Pay in over 200 countries, while Wise will extend services in over 80 countries.

Western Union will offer unlimited free transfers when sending money with Google Pay till June 16, whereas Wise will make the first transfer free for new customers on transfers up to $500. Such a partnership will also allow these financial institutions to mark their presence across several countries.

Two phones side-by-side which show the conversation in the Google Pay app between a US Google Pay user who sent money to a Google Pay user in Singapore.

“For some, sending money back to their home countries is a regular activity and we are making it more accessible by adding it to the app that you use for your everyday money tasks. Working with Western Union and Wise, we’re now able to give those with family abroad a simple, safe and reliable way to send money abroad,” Google elaborated, in a blog post.

 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Google Pay US Users Can Now Transfer Money To India, Singapore-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Google Pay US Users Can Now Transfer Money To India, Singapore-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Google Pay US Users Can Now Transfer Money To India, Singapore-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Google Pay US Users Can Now Transfer Money To India, Singapore-Inc42 Media
Google Pay US Users Can Now Transfer Money To India, Singapore-Inc42 Media
You’re in Good company