The collaboration, announced Tuesday (Aug. 12), will let American consumers use Wise’s services on Google Wallet online or by searching for select currency exchange rates on Google Search. This feature is due to be offered as a test to Google users in the U.S.
“Sending money abroad is a routine necessity for millions of people and businesses, but it’s not always easy for customers to find the right provider,” said Lauren Langbridge, Wise platform’s commercial director. “By joining forces with Google, Wise will enable fast, reliable international payments for more users across the U.S., and empower everyday people to make the best choice based on their needs.”
According to Wise’s announcement, the remittance offering will let people search Google for international payment solutions for high-demand routes, such as from the U.S. to places like India, Mexico, the Philippines or Brazil, to compare and send money via select providers including Wise.
“Consumers will clearly see the fees and transaction speeds offered by each provider for a transparent, convenient experience,” the announcement added.
Wise Platform, the company noted, powers the international payments experience banks, financial institutions and digital platforms, including Morgan Stanley, Standard Chartered, Brex and Ramp.
Advertisement: Scroll to Continue
Wise reported last month that it had seen year-over-year increases of 24% in cross-border volume and 17% in active customers as it continued to add new partnerships.
Thanks to these gains made during the first quarter of the company’s fiscal year, Wise’s cross-border volume came to 41.2 billion pounds (about $55.2 billion), while its number of active customers reached 9.8 million, according to its earnings report.
Meanwhile, recent PYMNTS Intelligence research shows that while cross-border payments are seeing wider adoption, they can still present significant obstacles for merchants.
“These frictions can impede international sales, even as global eCommerce is projected for substantial growth through 2030, exceeding $10 trillion in value,” PYMNTS wrote in July.
The research underscores that not all merchants are properly prioritizing shopper convenience in international transactions, even as optimizing these digital payment experiences is key for maximizing global sales and meeting consumers’ changing expectations.
“Key obstacles include consumer concerns over long delivery times, fear of fraud, difficulties with returns, and unexpected high transaction fees, all of which negatively impact conversion rates,” PYMNTS added.
The study found that 72% of merchants experience higher rates of failed payments in cross-border transactions, causing customers to feel frustrated and abandon their purchases.
