Google Pay is a digital payments app that is a subsidiary of Google. Google Pay is a digital wallet that was initially released in the year 2015. It is one of the most commonly used digital wallets in India. Recently the company has announced that it would let users to send money through Google Pay from US to India and Singapore. Let’s look at the further details of this new feature offered by Google Pay.
Google Pay Announcement
Banks that are eligible to Transfer money through Google Pay
Limitations of Money Transfer through Google Pay
Steps to Transfer money from US to India through Google Pay
FAQ
Google Pay Announcement
Google Pay has announced that it would let users in the United States to send money to their friends, family and relatives in India and Singapore. This is an official mark of the entry of Google Pay into the remittance service market.
According to World Bank, India is one of the biggest overseas remittance receivers even though in the year 2020 the country had seen a drop in the remittance received of around 9% to INR 5,58,100 crores due to the global economic slowdown and the coronavirus pandemic.
There has been a rapid growth in the foreign remittances with the increase of migrant workers in the developed countries across the globe.
Banks that are eligible to Transfer money through Google Pay
Google has partnered with Western Union and Wise in order to provide the new service through the Google Pay app. Google had conveyed in a blog post that Western Union will offer free transfers while sending money through Google Pay until the 16th of June.
Google has also conveyed that Wise will provide free transfer only for the first time the customer sends money through Wise on transfers up to USD 500 (around INR 36,700). However, Google has not yet officially announced the exact transfer fee that will be charged by the service provider after their series of free transfers.
Limitations of Money Transfer through Google Pay
One of the major limitations of this new foreign transfer feature or service provided by Google Pay is limited only to two countries that is India and Singapore. However, the tech giant has conveyed that by the end of the year they have plans to expand their services to around 280 countries globally.
Another important point to be noted is that the foreign transfers through the Google Pay app are limited to individual users. This means that the new feature doesn’t let the individuals from the United States transfer money to any business organizations in India or Singapore.
Another important point to be noted is that users from India will not be able to transfer money to the United States. This feature or service will be available for the US users using Google Pay app.
Steps to Transfer money from US to India through Google Pay
Here are the steps to be followed for the users who would want to send money from the US to India or Singapore.
Step 1 – To send money through Google Pay, firstly you will have to search the user on the Google Pay app.
Step 2 – Tap the pay button and choose either Western Union or Wise.
Step 3 – You will have to ta continue and see the exact amount of money that the recipient will receive.
Step 4 – Again Tap continue and choose how would you want the recipient to receive the money, you will be able to choose between UPI or through cash pickup.
FAQ
Does Google pay require a bank account?
Yes, Google Pay requires a bank account.
Is Google pay available in USA?
Google Pay is available in USA and You can also send money from US to India.
Can I send money from USA to India using Google pay?
Google Pay will now let users in the US to send money to their friends and families in India and Singapore.
Conclusion
The new service would enable the tech giant to mark a spot in the foreign remittance market. The company plans to expand to more than 200 countries and territories to Western Union and around 80 countries through Wise by the end of this year.
Author: Alan Joseph
Source : https://startuptalky.com/google-pay-money-transfer-us-to-india-singapore/
Date : 2021-05-20T08:47:28.000Z