London: Alphabet Inc’s Google has launched international money transfer partnerships with money transfer companies Wise and Western Union Co for users of its U.S. payments app, the companies said on Tuesday.
Google Pay users in the US can now transfer money to app customers in India and Singapore, with plans to expand to the 80 countries available through Wise and 200 through Western Union by the next. end of the year.
Google’s foray into the $ 470 billion remittances market marks another step for the tech company to expand its financial services offering, stepping up competition in the digital payments industry.
London-based Wise was launched in 2011 with the goal of making international money transfers cheaper and easier, while Western Union remains a market leader in remittances, with an extensive global network of physical locations. .
Their partnership with Google Pay, which has 150 million users in 40 countries, comes as the COVID-19 pandemic has led to a boom in online payments, but an estimated decline in overall remittance flows. According to the latest World Bank estimates, money returned by migrant workers home is expected to have fallen by 14% from 2019 due to deteriorating economic conditions and employment levels in host countries. migrants.
“Even with COVID, a lot of people have moved around the world and we wanted to focus on how we can help make these payments easier,” said Josh Woodward, director of product management at Google. “Our goal for this year is to work with Wise and Western Union to roll this out in the countries they support.”
The Silicon Valley tech company redesigned its payments app in the United States in November, introducing paid promotions for the service and opening a waitlist for bank accounts that will then launch with multiple lenders.
The new remittances feature intensifies competition between technology companies and traditional financial firms for consumer money and data, as providers seek to become a one-stop-shop for their users’ financial needs.
Ant Group, Samsung Electronics Co, Apple Inc, and PayPal Holdings Inc also offer mobile wallets aimed at being hubs for services ranging from cross-border payments to credit.
This story was posted from an agency feed with no text editing. Only the title has been changed.
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