Google Pay users from US can now send money to users in India, Singapore

 







Tech giant Google on May 11 said that Google Pay users in the United States can now send money to GPay users in India and Singapore.

For this move, the American multinational technology company has partnered with Western Union and Wise. Both the firms have integrated their services into Google Pay. With this new approach, it is the first time that cross-border payments firms have inked such a deal.

Google is also planning to expand the initiative worldwide by the end of the year. "As we do with a number of Google products, we will test, learn, and iterate and then start scaling,"

According to the partnership, Wise will extend the support in over 80 countries, while Western Union will power cross-border payments on Google Pay in over 200 countries.

In the transactional process, when a Google Pay user in the US will attempt to send money to someone in India or Singapore, he or she will be informed about the exact amount that the recipient will receive. Following this, the sender will get an option in the Google Pay app to choose which payments provider — Wise or Western Union — he/she is willing to use. Also, it would help the sender track the transactional details and the duration for the recipient to receive the money.

Apart from person-to-person payments, the cross-border payments is not available.

India being the largest receiving country for remittances in 2019, received over $80 billion in the year, said World Bank. However, the US emerged to be the largest sender.

With the partnership, both Wise and Western Union expect to expand their presence in several markets and more aggressively compete with rivals such as PayPal.

Earlier, Western Union had mentioned that it would not charge any receivers and they would get the exact value in their local currency as chosen by the user in the US. However, Wise said that it would charge the actual foreign exchange rate and additional transfer fees, that would vary from country to country.

In the meantime, Google has said that it would not levy any fee to customers. Till June 16, Western Union will offer unlimited free transfers when sending money with Google Pay, while Wise will make the first transfer free for new customers on transfers up to $500.


Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitraa
Join Our Telegram Channel for more updates: https://t.me/praveengst

Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more