Google has partnered with remittance firms Wise and Western Union Co to provide foreign money transfer services to users of its U.S. transactions app, the organizations announced on Tuesday. Through this, the Google Pay users of US region could now send money to those using Gpay in India and Singapore. Well, they have got plans to extend it to other countries with the help of Wise and Western Union. Wise has support over 80 and Western Union support 200 countries as well. They plan to finish this extension by the end of this year.
Google's move into the $470 billion transaction market is a step ahead in the company's attempts to diversify its financial technology portfolio and increase its competitiveness in the digital payments market. Wise, was founded in 2011 to make global financial transactions more affordable and faster, but Western Union remains the industry leader in cash transfers through its vast global network of locations. The relationship of Google Pay with 150 million users in 40 countries has increased during COVID-19 pandemic, where Online shopping and transactions have grown but the total transaction.
The director of product management of Google Mr. Josh Woodward said: “Even with COVID a lot of people have relocated around the world and we wanted to focus on how we can help facilitate these payments,”. “Our goal for this year is to work with Wise and Western Union to roll this out for the countries they support.”
The Silicon Valley technology company upgraded its U.S. payments platform in November, incorporating paid offers and opening a waitlist for a range of lenders' bank accounts. Through adding capital to the platform, the competition between tech companies and conventional financing companies for customers' money and data is increased, with vendors competing to become a one-stop shop for the financial needs of their users.
Several firms offer mobile wallets to fulfil the goal of serving as portals for services ranging from cross-border transactions to credit.