Now Google Pay Users In US Can Send Money To India, Singapore


  • It is Google’s first foray into the US$470 billion global remittance market.
  • The payment can only be made between two individuals, and there is no fee for the service.
  • Google Pay, earlier called Android Pay, currently has around 150 million customers in 40 countries.

Google (NASDAQ: GOOG) has joined hands with leading remittance companies, Denver-based Western Union (NYSE: WU) and London-headquartered Clever, to offer payment services to its US users for sending money to India and Singapore.

The tech giant had redesigned its application last November so that its customers in the US can easily transfer money to India and Singapore. It also added paid promotions to the service.

Google Pay hopes that its new project would boost its growing digital wallet platform.

The service will allow users to choose a payment provider, and the senders will be informed when the recipient receives the money. It is Google’s first foray into the remittance market.

Although the pandemic has led to the growth of online funds, there has been a decline in the flow of general remittance, say experts. India is one of the world’s largest remittance-receiving countries, amounting to around US$80 billion annually since 2019, according to the World Bank.

Pic Credit: Pixabay.

Also Read:
Google smashes Microsoft over hacks and media revenue payments

The payment can only be made between two individuals, and there is no fee for the service. As the pandemic is causing a devastating impact on the Asian countries, the service will help people to send emergency funds to their near and dear ones, the company said.

Launched in 2011, Clever provides an easy and cheaper money transfer option. The Western Union is the world’s leading provider of remittance services, and it has been in operation for over a century.

On the other hand, Google Pay, previously known as Android Pay, was launched in 2015. It has approximately 150 million customers in around 40 nations.

Also Read:
Google shares surge on buyback worth US$50 billion

The Remittance Market

The remittance market is currently estimated to be US$470 billion. Google’s entry into the sector is expected to revolutionize the digital remittance business as it will spur competition.

The traditional financial companies are likely to face increased competition from Google, besides the fintech companies, which have seen exponential growth over the past year.

Today, more and more firms provide a one-stop-shop to their customers for a hassle-free experience while doing various financial transactions.

Also Read:
Google to disable search in Australia if media code becomes legal

Google Pay plans to expand to 200 nations in collaboration with Western Union and 80 more through its partnership with Clever in the next few months.

According to an industry report, some 250 million people participate in cross-border remittance transactions across the world. Companies like Samsung (KRX), Apple (APPL), and PayPal (PYPL) provide cellular wallets to businesses that are engaged in remittance service.

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK