Send money to loved ones abroad with Google Pay
By - bilal4hmed
In Singapore, the association of banks (an association of basically all the major banks) created a protocol to send money between people of nearly any local bank simply with their phone number.
Google Pay in Singapore was redone to enable adding bank accounts and to send money via this protocol, instead of the individual bank's apps.
This implementation worked best as it didn't require the other user to use Google Pay to receive the money as it went straight to the bank account registered to the phone number under the protocol.
Coupled this with Google Pay already supporting contactless payments also on public transport, and easily they gained dominance especially among Android users here as easily they had one app to settle all payment needs.
Sounds very similar to India's UPI. Is Singapore's payment protocol free?
Free for its users? Yes. It's known as PayNow. Basically something like Venmo/Cashapp but it's instantly credited to your bank account, no matter who it comes from, or what bank the sender is from.
Yup this appears to be exactly the Indian setup which came a few years earlier than Singapore's iteration.
Indian UPI system uses its IMPS backbone system.
Singapore's PayNow appears to use its FAST system.
[Fidelity did a ranking of similar global systems few years back](https://i.imgur.com/hRsdkwc.jpg), Indian UPI was the lone highest rated one. It's one of the (if not the only) best things India has produced indigenously in recent decades.
Even though it sounds similar, it's different.
Important difference is that through UPI you don't send money to a mobile number, but to UPI ID (aka VPA). That means you can't send money to another UPI app (eg. PhonePe) user by just mobile number, you'll need their UPI ID.
You can send money to a mobile number if and only if other person also uses GPay.
>'t require the other user to use Google Pay to receive the money as it went straight to the bank account registered to the phone number under the protocol.
>Coupled this with Google Pay already supporting contactless payments also on public transport, and easily they gained dominance especially amo
Exact same thing is in India. It's called UPI. Absolutely skyrocketed and broke all records of handling payments. Billions of $ are transacted everyday through that protocol. GPay supports that and in fact Gpay has OFFICIALLY not announced their Tap to Pay facility yet in India but only a few banks and Only Visa cards are supported as of now.
Although we're admittedly behind on just about everything, that sounds similar to what we have here in Costa Rica
> SINPE Mobile targets the retail (low-amount) payments segment, so that users of the National Financial System can make electronic money transfers to accounts linked to mobile phone numbers, from any e-banking channel (SMS Banking, Mobile Web Banking, Banking App, Online Banking or ATM Network).
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In Argentina they are trying to do the same and most major banks are already on board, associate your phone number and no more account numbers
I thought bizum was something unique to us Spaniards, like our invention or something.
Turns out it's not.
UPI's payment also available in Singapore launched in 2020
Sounds like it
Very similar to ZELLE, used by most banks in the US. We can send money, instantly, and without fees, using phone numbers or emails.
Wow that sounds amazing. Is there anywhere I can read up on that?
The protocol is known as PayNow. Allows you to link a bank account to a phone number or even your ID number.
The ID number system is used sometimes by the government to disburse payouts (think of it as entering your SSN).
The number/ID system only allows receiving, and sending of money still requires you to link your account to a phone number and going through your bank's verification to allow something like Google Pay to utilize it.
The protocol supports QR codes too and you can get your own QR for people to send payments and businesses can use their registration number to receive payments too.
sorry Business can't get paid, its only for person to person
That sounds like Hong Kong's FPS, although we still need to use the banks app to access it
Sounds exactly like Bizum in Spain. Phone numbers attached to accounts with free instant transfers. There's even a bar around the corner from me that doesn't accept credit/debit card (likely due to the cost per transaction) but will gladly accept a Bizum.
Same as the brazilian PIX.
>In Singapore, the association of banks (an association of basically all the major banks) created a protocol to send money between people of nearly any local bank simply with their phone number.
Australia has the same thing albeit you can use other identifiers aside from phone number ,like email address. It's free to use between all locall banks including international banks in Australia with customer facing facilities. You need to use your bank app though.
Mfw it still does not support NETS QR..... I used CC so I used Samsung Pay more since it gives out reward points and the rewards are pretty good.
I wonder if that Nigerian prince has a Google Pay account?
I'm a Ghanian prince and I have one. In case anyone was going to ask.
Wait! Ghanian Prince! I still need to send you money to ship me my bag of gold!
I exchange gold for dogecoin.
Just leave it to me. I'll make sure it ends in Mansa Munsa's desk.
> 73% of people regularly send money abroad
Wow. That is way higher than I ever imagined.
Many immigrants send money abroad regularly. If you can give up a little to give your family a better life, well, many people would.
The number is still higher than I would have thought though.
not just immigrants but their children I can imagine
In middle eastern countries where the population is largely immigrants tons of money leaves the country for back home. The reason to leave is to be able to send money back
I'm the US and have been sending to my extended families more this and last year since covid is just ravaging people, jobs etc
Remittances market is mindbogglingly big.
Convenient but as always it's difficult to tell with Google if they'll commit to expanding the program sufficiently.
The plus point at least is that they are working with Western Union etc. The post makes it seem that you log on to Western Union and it handles the payment transfer using their APIs. If Google drops support you still have the option to use Western Union direct vs via Google pay
what I'd like to know is what are the fees since using Western Union direct for bank to bank is free ...so why use this in the first place?
I think Google is going for a "unified UI for different banking services" approach, combining it with sending funds to a contact rather than a bank account. The Singapore version of the app basically provides a common UI for sending funds locally using phone numbers (it's a national system), eliminating the need for doing so through the various banking apps.
Yep this account has it spot on!
This and the Apple Card are a great example of how financial services are becoming increasingly decoupled between the front end experience (Apple, Google) and the backend infrastructure (Goldman Sachs, Western Union/Wise).
Expect this to continue :)
Can someone tag this as US only
So by "abroad" they mean Hawaii?
You can only send send money from the US and the service basically uses western Union (rip off exchange rate) and wise which has their own app anyway
I thought western union has the best exchange rate now compared to the competition.
Oh neat! \*reads article\*
You wouldn’t believe how many hoops we need to jump through to send money to our family in Syria, who you might imagine have had a REALLY bad time through years of civil war. Thanks, sanctions!
At this point, Wouldn't just sending crypto, and locally trading it there. (I have no idea if the market is big enough there) Be the only feasible method?
No, it’s not the only feasible method. I’m sure to most people the idea of sending money to Syria sounds very exotic but I have tons of family there and in the US, and for us sending money there is a very common task. It’s not quite the shady realm of crypto transfers you’re imagining. Yet.
The number of vendors and methods you can use is really restricted and basically anything that’s up to today’s standards of online convenience is out of the question. There are low limits on everything and sometimes big delays. To send money. In the same world where cash app exists.
It’s just really much more difficult than it should be and surprising things are blocked. For example, my cousin there wrote a novel based on his experiences in the first year of the civil war. He wanted to self publish it on Amazon and announce it on Kickstarter, like ya do. I had to proxy all of that for him from here in the US because THE ASSAD REGIME MIGHT BE FUNNELING RESOURCES THROUGH KINDLE SALES.
If there’s a moral here, is that sanctions hurt the little people first and most. We hear that word a lot in the news but I think for most Americans it’s about as abstract as an international trade deal. It’s not. It’s concrete for everyday people.
Same in Myanmar right now.
Unless you're in the UK. We can't even send money to our friends
But the fintech uptake is so good in the UK that you don't really need Google to get involved. Pretty much everyone can send and receive instant bank transfers.
Yeah and we have Monzo and Revolut
\+1 for Starling, switched from my long-time bank TSB and the difference is bloody night and day.
I guess the argument is for convenience really.
But in the UK it's already very easy for anyone with a bank account to send money to someone else with a UK bank account instantly and for free... Why do you need to wait for Google intervention?
The Faster Payments system works with sort code and account number, or Paym works with mobile phone number, all across different banks (for specific banks there's also Monzo, Revolut etc.).
So what exactly do you mean?
It's not Google's fault you don't have friends.
Everything is Google's fault
Birds in my area have pin point accuracy. Wouldn't surprise me to see Google getting involved somehow to even further fuck me.
This is awesome. I am using Wise all the time to send money and get money from my fam in Germany. Can't wait to ditch the app for Google Pay.
Hey Google, release these bloody posts after they are rolled out and start working for most people. Just annoying they say it's out and you go all excited to check out a new feature only to be not rolled out yet!
I don’t think so
We need a US Only flair.
thank god for that
No, I don't think I will.
Yeah it's not like Google is a multi billion dollar company with thousands of stakeholders who have done their market research on growth opportunities or anything. amirite?