Google gets into the international money transfer business, one-way out of the USA
(2021/05/12)
- Reference: 1620801072
- News link: https://www.theregister.co.uk/2021/05/12/google_pay_international_transfers/
- Source link:
The verb “To Google” may soon have new meaning, as the ads-and-search giant has added the ability to “Google” money across borders with its Pay app.
The new offering is only for US-based users, for now, and allows the Pay app to hook into payment networks operated by Western Union and Wise.
Google hasn’t explained how the experience works for recipients. The Register will assume it doesn’t differ from Western Union’s options to have cash dispensed by an agent or deposited in a bank account, or Wise’s requirement to open an account. For Pay users, Western Union and Wise will appear as just another destination option.
[1]
[2]
The web giant says it’s added international payments to help users send money home during the pandemic.
[3]If your internet wobbled last weekend, you have Vodafone India to thank for it
[4]Robocall bagmen admit they collected millions of dollars from victims scammed by bogus IRS officials, lenders
[5]Bucharest's Bayrob boys blasted based on bogus buys, Bitcoin banditry, bound to be behind bars
Google’s [6]announcement mentions that around $700bn a year flows around the world using such payments. But the announcement doesn’t say if Google will get a cut of the fees charged by Western Union and Wise. Even a sliver of a percent could make for a tasty new revenue source for Google.
For now, the service can only send cash to Singapore and India. But Google says that by year’s end Play users will be able to send cash to “more than 200 countries and territories through Western Union and to more than 80 countries through Wise.” ®
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[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YJunOuxwkMXkoHe39WyS1gAAAEs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YJunOuxwkMXkoHe39WyS1gAAAEs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] http://www.theregister.com/2021/04/20/vodafone_india_bgp_hijack/
[4] http://www.theregister.com/2021/02/24/robocall_scam_bagmen/
[5] http://www.theregister.com/2019/04/12/romanian_crims_caught/
[6] https://blog.google/products/google-pay/send-money-loved-ones-abroad/
[7] https://whitepapers.theregister.com/
The new offering is only for US-based users, for now, and allows the Pay app to hook into payment networks operated by Western Union and Wise.
Google hasn’t explained how the experience works for recipients. The Register will assume it doesn’t differ from Western Union’s options to have cash dispensed by an agent or deposited in a bank account, or Wise’s requirement to open an account. For Pay users, Western Union and Wise will appear as just another destination option.
[1]
[2]
The web giant says it’s added international payments to help users send money home during the pandemic.
[3]If your internet wobbled last weekend, you have Vodafone India to thank for it
[4]Robocall bagmen admit they collected millions of dollars from victims scammed by bogus IRS officials, lenders
[5]Bucharest's Bayrob boys blasted based on bogus buys, Bitcoin banditry, bound to be behind bars
Google’s [6]announcement mentions that around $700bn a year flows around the world using such payments. But the announcement doesn’t say if Google will get a cut of the fees charged by Western Union and Wise. Even a sliver of a percent could make for a tasty new revenue source for Google.
For now, the service can only send cash to Singapore and India. But Google says that by year’s end Play users will be able to send cash to “more than 200 countries and territories through Western Union and to more than 80 countries through Wise.” ®
Get our [7]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YJunOuxwkMXkoHe39WyS1gAAAEs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YJunOuxwkMXkoHe39WyS1gAAAEs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] http://www.theregister.com/2021/04/20/vodafone_india_bgp_hijack/
[4] http://www.theregister.com/2021/02/24/robocall_scam_bagmen/
[5] http://www.theregister.com/2019/04/12/romanian_crims_caught/
[6] https://blog.google/products/google-pay/send-money-loved-ones-abroad/
[7] https://whitepapers.theregister.com/
Re: Good
Chris G
Western Union is already horribly expensive, if Google wants a chunk of the action it is going to cost more.
I suppose Google might rely on sending ads to poor relatives in developing countries or they may want both.
RyokuMas
So I guess that once I've made more than a couple of payments to that prince who needs a couple of K from me to unlock that vast fortune he's going to split with me, Google will start showing me ads for flights to Nigeria???
Awesome news for telephone scammers
DrXym
Far easier to obtain money that way than convincing dupes that the IRS wants to be paid in Amazon gift cards.
Good
I'm sure Google will charge fees for that, but it can't be worse than Western Union. I know somebody who sends money to his parents in Bitcoin, but that's not a solution which will fit everybody. The more companies offer the service, the better.