Wednesday, October 20, 2021

Google Pay set to introduce ‘cross-border transaction’

Google Pay has decided to bring a cross-border transaction for the first time in its history. According to a report from TechCrunch, ‘GooglePay will initially offer user-to-user payment between the U.S, India, and Singapore’. This process will not just help Google users, it will also help Google to move into the remittance market and make things easier. By this process, Google Pay users in the U.S will be able to transfer money to users in India and Singapore.

But it also describes in this report (TechCrunch) that ‘at the moment the transaction will not be able to reverse’. It means at the moment, GooglePay users between Singapore and India will not be able to make international transfers to the users in the U.S.

The cross-transaction will help Google Pay to rival PayPal and other money sending platforms. To make it successful, Google is working with Western Union. Both payment platforms are going to be fully engaged with this project. But however, Google does plan on bringing this feature to Google Pay Users. Josh Woodward, director of product management at Google, said to TechCrunch, “As we do with a number of Google products, we will test, learn, and iterate and then start scaling”.

Now it is not possible to say whether these international transactions will be instant or they will be taking full days to process the transactions. And how will they know if the specific amount has been received? How can the user see the specific amount that they have received?

Western Union will offer unlimited free transactions on Google Pay till June 16th because they have confirmed that the receiver will pay no charges and will get the exact value in their local currency as chosen by the sender in the U.S. In addition to that. Also, it has been learned that the service will charge the actual currency exchange rate along with the transfer charges. However, up to $500 of the first transfer of payments will be free, but Google is not going to take any additional fees.

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