Transferring money from Google Pay will no longer be free. The company has reportedly decided that now fees will be charged for the bank to bank transfer. For this, the company has started preparations.
According to the tech site Business Insider, Google Pay is going to discontinue Peer to Peer Payment Facility from January 2021. Instead, an instant money transfer payment system will be added by the company. After this, users will have to pay a fee for transferring money. However, the company has not yet told how much will be charged from users for this. But Google on Wednesday clarified that users in India will not have to pay any fee for money transfers on its payment platform and that the charges are for users in the US.
“These charges and fees are specific to the US and do it apply to the GPay or G Pay for Business apps in India,” a Google spokesperson said.
G Pay had 67 million users in India with a total payment value of USD 110 billion on an annualized basis, as of September 2019.
G Pay for Business had announced over 3 million merchants in June 2020. It supports UPI and tokenized debit and credit cards as forms of payment in India.