Google Pay collaborates with Western Union and Wise

Google Pay crossed the 150 million active user mark globally. Around 70 million users in India trust its secure system to transfer payments. The limit for one day transfer in Google Pay is 1,00,000.

 

Google Pay is available for money transfer and easy payment in countries namely Australia,  Canada, Russia, Ukraine, Singapore and the US. The application is popular due to its discount coupons, scratch cards and other remittances . 

 

The National Payments Corporation of India has vouched for the security and safety of transactions made via Google Pay.

 

Google Pay has collaborated with Western Union and Wise to provide Google Pay  users in the US with the new option  to send money to their family and relatives residing in India and Singapore.

 

It is expected by the end of year 2021, Google Pay users in the US will be able to send money to people spanning across 200 countries and territories. 

 

Western Union and Wise are financial services companies based in America that provide users with convenient options of sending money online. The money transfer service(via Western Union)  is available for overseas bank accounts. Western Union is also  used for currency exchange.

 

Wise (formerly known as Transfer Wise) allows users to send money internationally through its Forex option that allows the user to register as an International Beneficiary.

 

(Must check: Learn all about Stripe and how it works)

 

Transfer Money Abroad via Google Pay

 

• In order to send money internationally the users have to search the specified Google Pay user(who will receive the money). 

• After the search users are required to tap on the option “Pay” .The users can select either Western Union or Wise to send money.

• From there the users with registered ID can write the exact amount to be shared in the box.

•  After the steps are completed the amount will be debited from the user’s bank  account or Google Pay account(whichever they have chosen).

 

  Western Union will offer unlimited free transfers globally. Wise will provide first free transfer for only new customers. 

 

According to ET CIO Josh Woodward director of Product Management at Google said , "Even with COVID a lot of people have relocated around the world and we wanted to focus on how we can help facilitate these payments.”. "Our goal for this year is to work with Wise and Western Union to roll this out for the countries they support."

 

Google Pay will allow its users to share money without any transfer fee. This is one factor that distinguishes the former  from its competitors Stripe, Payoneer and WePay.