If you are a frequent Google Pay user and use it for making all your transactions and were also wishing to make a transaction to a person sitting outside India, then this news is surely for you.
According to a piece of recent news, Google Pay users in India can now be able to receive their money from the United States very easily as the company has allowed making transactions with businesses and individuals living outside the country. People in India and Singapore using Google Pay can now be able to receive money from United Nations as the company has joined hands or in other words, expanded their market with Western Union and Wise.
The company Director has said that starting from countries like India and Singapore, the company has come into allowing cross border transactions and is deciding to expand its market to various other countries at the end of this year allowing more people to use Google Pay and increasing existing users by sending or receiving their money in other countries.
Wise was formerly known as TransferWise is planning to expand its market by allowing cross-border transactions on Google Pay to around 80 countries while Western Union company is planning to expand itself to more than 200 countries of the world.
How does the cross-border transaction is set to take place from now on through Google Pay?
When a user sitting in the United States tries to send or transfer money to a person outside his country, either India or Singapore (presently), then the person in the United States will be immediately notified about the exact appropriate amount the recipient will be receiving. The users can also switch between the two payment providers as mentioned above, that is either Western Union or Wise companies and the Google Pay users will also be notified about how much time it may take in transferring money to the required recipient. The company has chosen the two countries like India and Singapore as these two countries have good and efficient payments market.
What do the World Bank reports say?
In the year 2019, as per World Bank’s report, India became the largest country for payments with more than $80 billion received by India in a year, and in the same year, the United States became the largest sender. So Google Pay company thought this will be the best combo that is between the United States and India and decided to expand its market with India by allowing its users’ cross-border transactions between India and the United States. Currently, only individual -to- individual transactions are allowed and possible. The company is planning to introduce business-to-business and also business- to- individual transactions. This particular decision will increase the competition with rivals such as PayPal (which has already allowed and is known for cross country transfers) for Wise and Western Union.
What are the proposed plans by the Western Union?
By June 2021, Western Union will also be offering free transfers for the users of Google Pay for money sending. Wise will most probably make the first transfer for free to new customers on transfers up to $500. This particular decision by the company is a very good and really appreciable one as there is increasing tensions in countries because of coronavirus and imposition of lockdown in many countries. After this decision, people will be able to send or transfer money from one country to another easily without much difficulty also giving the guarantee of their money. This will boost relations between countries and increase the number of cross-border transactions. This helps the country to fill the inward remittances as well.
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