The goal is to reach the service all over the world.
If you’re transferring money from the United States to countries like India and Singapore, here’s a good news for you. Starting today, any US-based Google Pay users can now send money in the said countries without the overcharging fees compared to its competitors. Here’s how to do it.
Google Pay opens market to India and Singapore
On Tuesday, May 11, Tech Crunch exclusively interviewed Josh Woodward, Director of Product Management at Google, about Google Pay’s expansion overseas. According to him, cross-border payments on the app is now made available for all users located in all parts of India and Singapore.
To make the deal, Google Pay partnered with Western Union and Wise. These two companies were chosen since both of them already have GPay integrated to their services. This means, the process is expected to be flawless.
“As we do with a number of Google products, we will test, learn, and iterate and then start scaling,” Woodward said.
How it works?
As explained on the report, the Google Pay service for both Singapore and India will be similar with the standard remittance process in the country. Once someone in the US sends you money, the recipient will get a notification of the exact money sent to his account. From the app, users also have both choices either Wise or Western Union to process their remittance. Once done, the Google Pay app will identify how many days will the process will be finished.
One of the perks of using Google Pay to send money in India or Singapore is that receivers of the money will not worry a cent about GPay additional fees. The exact value sent to the receiver will be reflected to his account.
“The pandemic continues to have a devastating impact on communities, customers and colleagues in many parts of Asia, especially in India and Latin America. 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,” said Shelly Swanback, President of Western Union Product and Platform, in a statement.
Unfortunately, Google Pay’s cross-border payment is only available if the sender is located in the US, not the other way around.
Why India or Singapore?
India and Singapore are two of the biggest countries receiving and sending remittances across the world. Yahoo said that India alone receives more than $80 billion every year through remittances. This was the reason why Google Pay also decided to choose the two countries to be the first ones to give their services with.
Citi report also mentioned that global remittances fees are ‘extremely high.’ By far, “The fees are extremely high. It is embarrassing that we have not solved this issue so far. Global average cost for sending money is around 6.5%.”
How to use Google Pay?
To create an account with Google Pay, users must first have bank account with a registered mobile number and ATM or Debit card. Once set, just download the app. Next, enter your mobile number. The app will automatically verify your mobile by sending you OTP message. After that, secure your app with four-digit password. Allow all the permissions needed by the app. And done!