StartupTalky

Tag: Google for India

  • How to Send money from US to India or Singapore using Google Pay

    Google Pay is a digital payments app that is a subsidiary of Google. Google Pay is a digital wallet that was initially released in the year 2015. It is one of the most commonly used digital wallets in India. Recently the company has announced that it would let users to send money through Google Pay from US to India and Singapore. Let’s look at the further details of this new feature offered by Google Pay.

    Google Pay Announcement
    Banks that are eligible to Transfer money through Google Pay
    Limitations of Money Transfer through Google Pay
    Steps to Transfer money from US to India through Google Pay
    FAQ

    Google Pay Announcement

    Google Pay has announced that it would let users in the United States to send money to their friends, family and relatives in India and Singapore. This is an official mark of the entry of Google Pay into the remittance service market.

    According to World Bank, India is one of the biggest overseas remittance receivers even though in the year 2020 the country had seen a drop in the remittance received of around 9% to INR 5,58,100 crores due to the global economic slowdown and the coronavirus pandemic.

    There has been a rapid growth in the foreign remittances with the increase of migrant workers in the developed countries across the globe.

    Banks that are eligible to Transfer money through Google Pay

    Google has partnered with Western Union and Wise in order to provide the new service through the Google Pay app. Google had conveyed in a blog post that Western Union will offer free transfers while sending money through Google Pay until the 16th of June.

    Google has also conveyed that Wise will provide free transfer only for the first time the customer sends money through Wise on transfers up to USD 500 (around INR 36,700). However, Google has not yet officially announced the exact transfer fee that will be charged by the service provider after their series of free transfers.

    Limitations of Money Transfer through Google Pay

    One of the major limitations of this new foreign transfer feature or service provided by Google Pay is limited only to two countries that is India and Singapore. However, the tech giant has conveyed that by the end of the year they have plans to expand their services to around 280 countries globally.

    Another important point to be noted is that the foreign transfers through the Google Pay app are limited to individual users. This means that the new feature doesn’t let the individuals from the United States transfer money to any business organizations in India or Singapore.

    Another important point to be noted is that users from India will not be able to transfer money to the United States. This feature or service will be available for the US users using Google Pay app.

    Steps to Transfer money from US to India through Google Pay

    Here are the steps to be followed for the users who would want to send money from the US to India or Singapore.

    Step 1 – To send money through Google Pay, firstly you will have to search the user on the Google Pay app.

    Step 2 – Tap the pay button and choose either Western Union or Wise.

    Step 3 – You will have to ta continue and see the exact amount of money that the recipient will receive.

    Step 4 – Again Tap continue and choose how would you want the recipient to receive the money, you will be able to choose between UPI or through cash pickup.

    FAQ

    Does Google pay require a bank account?

    Yes, Google Pay requires a bank account.

    Is Google pay available in USA?

    Google Pay is available in USA and You can also send money from US to India.

    Can I send money from USA to India using Google pay?

    Google Pay will now let users in the US to send money to their friends and families in India and Singapore.

    Conclusion

    The new service would enable the tech giant to mark a spot in the foreign remittance market. The company plans to expand to more than 200 countries and territories to Western Union and around 80 countries through Wise by the end of this year.

  • How will Atmanirbhar Digital India Foundation benefit startups

    Atmanirbhar Digital India Foundation (ADIF) is a body formed by a group of Indian investors and startup founders. They have joined hands together to set up a new alliance.

    This body is also expected to in the creation of sustainable development and growth in the digital economy in the country by interacting with the government and regulators on the policy framework that is required.

    The main objective of the Atmanirbhar Digital India Foundation is to join together and break the dominance of foreign internet giants like Google.

    Reason for Atmanirbhar Digital India Foundation
    Focus of Atmanirbhar Digital India Foundation
    Members of Atmanirbhar Digital India Foundation
    Plans of Atmanirbhar Digital India Foundation
    FAQ

    Reason for Atmanirbhar Digital India Foundation

    The body was set up when the Indian startups were dissatisfied and were against the new billing policy of Google. According to the new policy, Google has made it mandatory for Indian developers who use Google Play to pay 30% commission for every in-app purchase.

    This had led to a debate in the Indian Technology ecosystem. Several Indian founders have accused Google saying that it was abusing its dominance in the market.

    Focus of Atmanirbhar Digital India Foundation

    In a statement from the committee of Atmanirbhar Digital India Foundation (ADIF), it has said that the association will concentrate and will be committed towards building a technology ecosystem that will be open, fair, neutral, and self-reliant.

    Atmanirbhar Digital India Foundation (ADIF) as a representative body for the Indian technological startups will also ensure the growth and development of the digital economy of the country.

    The body will focus on including all the technology companies and building a sustainable economy for providing solutions in the country that can also be used globally.

    Members of Atmanirbhar Digital India Foundation

    The body mainly has individuals who are Indian startup owners or investors. The members of the association include Ajay Data who is the Managing Director of Data Group of Industries, Ritesh Mallik who is the Founder at Innov8 Coworking, Sairee Chahal who is the Founder & CEO of SHEROES, Snehil Khanor who is the Co-founder and CEO of TrulyMadly.

    Ajay Data
    Ajay Data

    The body also includes Anand Lunia who is the Founding Partner of India Quotient, Amit Sinha who is the Co-Founder – Unnati. Shailesh Vikram Singh who is the Managing Partner of Massive Fund, Murugavel Janakiraman who is the Founder and CEO of Matrimony.com.

    Ajay Data, the Secretary-General of ADIF has said that, ADIF’s main aim is to help the Indian Technological companies in building a sustainable and favorable business environment.

    Plans of Atmanirbhar Digital India Foundation

    ADIF has plans to work together with Indian and Global research experts. Their focus is to understand the possibility for the growth of Indian technological startups.

    Barriers

    They are also focusing on empowering the ecosystem by trying to remove the barriers and difficulties faced by the Indian technological startups at the entry-level. This will help the Indian companies to grow, expand, develop and become self-sustainable.

    Membership

    ADIF is also planning to open in the top 25 cities in the coming months. They are also focusing on increasing their membership in Tier-I and Tier-II cities. They also plan to cover the rest of the Indian towns.

    Policies

    The organization is working towards assisting in the creation of policies with the regulators thinking about the future and being able to do business in an easier way. They aim to make India as the top destination for capital and innovation. Atmanirbhar Digital India Foundation has said that they would want to become the voice of entrepreneurs in respect to the policymakers and regulators.

    Knowledge hub

    Atmanirbhar Digital India Foundation is expected to create a knowledge hub and a central location in which the resources for building digital products and services will be stored. They expect more than 1,000 members to join their trust.

    FAQ

    Who are the members of Atmanirbhar Digital India Foundation?

    The members include Murugavel Janakiraman of Bharat Matrimony, Snehil Khanor of TrulyMadly, Dr Ritesh Mallik of Innov8 Coworking and Sairee Chahal of SHEROES, among others.

    What is the focus of Atmanirbhar Digital India Foundation?

    The focus of Atmanirbhar Digital India Foundation is to build an association that will concentrate and will be committed towards building a technology ecosystem that will be open, fair, neutral, and self-reliant.

    Why was Atmanirbhar Digital India Foundation founded?

    Indian startups were against the new billing policy of Google. According to policy Indian developers who use Google Play to pay 30% commission for every in-app purchase.

    Conclusion

    A fully foreign-dominated organization that does not have an Indian in their decision-making process will not be part of Atmanirbhar Digital India Foundation. The organization has been set up as a trust and will concentrate on entry-level Indian Technology companies.

    However, they are yet to be finalized with certain definitions. They are planning to start the onboarding soon. ADIF has said that there will be elections soon in order to appoint formal positions in the Trust.