Google of Alphabet Inc. has released its U.S. Remittance firm Wise and Western Union have launched international money transfer partnerships with the company for payment app users, the companies said on Tuesday. Google Pay users in the United States can now transfer money to customers via apps in India and Singapore, with plans to expand to 80 countries available via Wise and 200 through Western Union by the end of the year.
Google's location in the $ 470 billion remittance market marks another move by the technology company to expand its financial services offering, increasing competition in the digital payments sector.
London-based Wise was launched in 2011 with the objective of making international money transfers cheaper and easier, while Western Union remains a market leader in remittances, with a global network of physical locations.
Their partnership with Google Pay, which has 150 million users in 40 countries, has come as a COVID-19 epidemic due to an upsurge in online payments, but an estimated drop in overall remittances flows.
According to the latest estimates of the World Bank, due to deterioration of the economic status and employment levels of overseas Indians, the money migrant workers sent home from 2019 is estimated to be 14 percent lower by 2019.
Josh Woodward, director of product management at Google, said, "Even with COVID a lot of people have moved around the world and we wanted to focus on how we help facilitate these payments. can do." "Our goal for this year is to work with Wise and Western Union to roll out to the countries they support."
Silicon Valley technology company launched its U.S. in November. Redesigned the payments app, introduced paid promotions to the service, and opened a waiting list for the next bank accounts with multiple lenders.
The new remittance functionality enhances competition between technology companies and traditional finance firms on consumers 'funds and data, looking for providers to become one-stop shops for their users' financial needs.
Ant Group, Samsung Electronics Co, Apple Inc, and PayPal Holdings Inc also offer mobile wallets, with services ranging from cross-bound payments to credit.
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