Launched in 2015 and renamed GooglePay more than three years ago, the search giant’s digital wallet platform, led by GooglePay, But it has steadily expanded to more and more places around the world and more and more banks.
Google Pay is a payment service product brand owned by Google. Simple transfer, payments, money transfer and other functions can be made available to users.
Meanwhile, the official Google Pay app has undergone a major redesign, and Google does want its users to accept it as soon as possible.
And on top of that, Google Pay is now providing a huge new capability for every family member to send money abroad, and you can expect Google’s share price to rise somewhat once Google Pay supports sending money to multiple countries or regions.
Google said on Tuesday that Google payment users in the United States will now be able to send money to GPay users in India and Singapore, its first foray into the remittance market, according to media reports. The company partnered with Western Union and Wise, which have integrated their services into Google payments.
Josh Woodward, Google’s director of product management, said in an interview with TechCrunch that the company is launching its cross-border payments feature in India and Singapore and intends to expand it globally by the end of the year. Under the partnership, Western Union will support GPay’s cross-border payments in more than 200 countries, while Wise, formerly known as TransferWise, will expand its support in more than 80 countries.
When Google Pay users in the US try to send money to someone in India or Singapore, they will tell the recipient the exact amount they will receive. In the GPay app, users can also choose which payment provider they want to use, Wise or Western Union, and how long it takes for recipients to receive money.
The remittance feature currently only allows users in the US who pay for Google to send money to users in India and Singapore, not the other way around. Mr. Woodward said the company chose India and Singapore in part because of their importance in remittances.
According to the World Bank, India was the largest recipient of remittances in 2019, receiving more than $80 billion in remittances that year. The United States is the largest sender of remittances. Eventually, Google’s plan is to make cross-border remittances fully available worldwide through Google Pay.
It’s also worth noting that. Cross-border payments only apply to person-to-person payments.
The partnership with Google will help Wise and Western Union expand their presence in several markets and more aggressively compete with rivals such as PayPal, which has a broader reach but has struggled to make headway in India. Wise and Western Union will bear the responsibility and risk.
Western Union and Wise are integrated and can be sent from China and Singapore, and the involvement of the two financial services giants suggests that Google could actually take the global launch seriously.
Of course, Samsung Pay has been supporting international transfers since 2019. Samsung’s Google Pay alternative allows it to send money from nearly 50 countries from the start, meaning Google still has a lot to do.
A report by Citibank last month said nearly 250 million people worldwide send more than $500 billion in cross-border remittances each year. But this sector is ripe for disruption, as the global average cost of sending money is now about 6.5 per cent.