Google Pay allows its USA users to transact money to India and Singapore
Google is one of the major technology companies that is expanding its reach into the finance sector.
On Tuesday, Google has announced international money transfer deals with remittance companies Wise and Western Union Co for users of its U.S. payments application.
United States’ users of Google Paywill now be able to transfer money to app users in India and Singapore, with proposals to expand to the 80 countries supported by Wise and 200 supported by Western Union by the end of 2021.
Users will now be able to send money abroad using either Wise or Western Union. Google will take a minor commission on cross-border transactions made using the app.
In November, the tech firm updated the U.S. payments app, adding paid deals and launching a waitlist for bank accounts along with multiple lenders.
Google's entry into the $470 billion remittance industry is another move in the tech firm's effort to broaden its financial services portfolio, the rivalry across the digital payments field will only be more intensified with this development.
Mobile wallets are also provided by Ant Group, Samsung Electronics Co, Apple Inc, and PayPal Holdings Inc, with the aim of serving as hubs for services ranging from cross-border payment transfers to credit.
Wise, headquartered in London, was established in 2011 with the aim of making foreign money transfers more affordable and convenient, while Western Union remains the world leader in remittances, with a vast global network of physical locations.
Google is one of the major technology companies that is expanding its reach into the finance sector. In 2019, Apple introduced its own credit card in collaboration with Goldman Sachs. Facebook is experimenting with digital currencies and payments in a variety of ways.
Meanwhile, in China, Ant Financial, a subsidiary of Alibaba, and Tencent have emerged as dominant force in the digital payments market.
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