Wise integration with Google Pay brings fast and cheap international money transfers to Google Pay U.S. users, will expand globally later this year
NEW YORK -Thursday 13 May 2021 [ AETOS Wire ]
(BUSINESS WIRE)-- Wise today announces an integration to bring Wise Platform to Google Pay users. Starting today, Google Pay users in the U.S. on iOS and Android devices are able to send money to their friends and family abroad within the Google Pay app, with access to Wise’s fast, cheap, and transparent services. The initial launch will enable Google Pay users in the U.S. to send money to Google Pay users in India and Singapore, with global send money capabilities to people in Wise’s 80+ country network later this year.
Wise Platform allows banks, businesses and software companies to tap into the Wise network, giving them and their customers access to cheaper, faster international payments, all through an integrated customer experience. Through the Wise Platform APIs, Google Pay’s U.S. users can now send money to friends and family internationally through Wise - all within the convenient Google Pay app.
The Wise Platform was built to bring international payments into the 21st century, and is now used by banks and businesses in over 10 markets. Wise’s APIs replace the existing patchwork systems banks and other payment providers use to move money internationally. In doing so, Wise enables consumers and businesses around the world to move money internationally faster and cheaper than ever before.
The initial integration of Wise Platform will be for U.S. Google Pay users sending money to friends and family using Google Pay in India and Singapore. Providing people with a simple and seamless way to send money to friends and family is more important than ever - particularly in India which is currently experiencing a devastating second wave of the coronavirus pandemic. According to The World Bank, India is the world’s foremost remittance destination.1 In Singapore, international inbound remittances have consistently grown since 2013, showing an increased demand among consumers for international payment services, such as Wise.2
Now, Google Pay customers in the U.S. can send money to India and Singapore with Wise without having to leave the Google Pay platform. And, unlike most banks and payments companies, Wise uses the real exchange rate with no hidden fees or markups. On average, Wise is eight times cheaper than most banks to send money internationally, saving its customers over $1 billion a year.
"Providing people with a simple and seamless way to safely send money to friends and family is more important than ever - be it for everyday use or in times of need," said Harsh Sinha, Chief Technology Officer at Wise. “Wise’s mission is money without borders - instant, convenient, transparent, and eventually, free. Through this collaboration, and with the integration of the Wise Platform, Google Pay customers can now send money internationally cheaper, faster, and easier.”
"Cross-border payments are not just a lifeline for loved ones, they form the financial backbone for many economies," said Josh Woodward, director of product management, Google Pay. "For many people with families abroad, sending money home is something they do as frequently as every month. By teaming up with Wise, we are providing a way for Google Pay users to send money quickly, safely and reliably from the Google Pay app."
For new customers, Wise will make the first transfer free on transfers up to USD$500 until June 16. By the end of the year, U.S. Google Pay users will be able to send money to 80 countries through Wise.
For more information on Wise Platform and capabilities, visit wise.com/us/business/api.
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold 54 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing tech companies having raised over $1 billion in primary and secondary transactions from world leading investors.
10 million people and businesses use Wise, which processes over £4.5 billion in cross-border transactions every month, saving customers over £1 billion a year.
1The World Bank: The Remittance Market in India
2Ken Research: Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors
View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005412/en/
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