Cheat Sheet: Google Pay integrates Wise for international payments
- Google Pay is integrating Wise to offer international payments to its users.
- The Wise Platform allows software firms, banks and businesses to integrate with its APIs.
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. That's thanks to an integration with Western Union and Wise.
The details
- 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 80+ countries expected later this year.
- Google Pay is expanding the types of financial services it offers its users, moving into offering 3rd party bank accounts later this year through partners like BankMobile, Citi, and Coastal Community Bank.
- Google Pay has an estimated 25 million users in the U.S., according to TechCrunch.
- For new customers, Wise will make the first transfer free on transfers up to USD $500 until June 16.
"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."
Wise Platform
In addition to its popular DTC offering, Wise offers its services as a platform. The Wise Platform allows banks, businesses and software companies to connect into the Wise network, giving them and their customers access to international payments through an integrated customer experience. So, users of Google Pay can send money to friends and family abroad without having to leave the app's interface.
"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.”
N26, Monzo, Stanford Federal Credit Union, bunq, and Novo use the Wise Platform and the fintech has integration partnerships with Capgemini and Accenture.
Going public
Wise recently rebranded from TransferWise in a move many saw as preparation for an upcoming IPO. The Wise Platform expands the story from B2C international money transfers to a cross-border payments network. The company now processes £4.5 billion in cross-border transactions every month.
Wise is said to be considering doing a direct listing in the UK. The company reported revenues of £303 million and pre-tax profit of £20.4 million in the 12 months to March 2020. Wise was most recently valued at $5 billion in a secondary sale last July.