Money transfer to abroad is easier now through Google Pay.
Harsha Mariam Shibu
Alphabet Inc's Google has launched an international money transfer partnerships with remittances companies such as Wise and Western Union Co. for users of its U.S. payments app.
Now Google Pay users in the United States can easily transfer money to app customers in India and Singapore, with plans to extend it to the 80 countries available via. Wise and 200 countries and territories available via. Western Union by the end of the year.
Starting today, Google Pay users in the US will be able to send money to Google Pay users in India and Singapore, a new integration with Western Union and Wise. By the end of the year, they are expecting that the US Google Pay users will be able to send money to people in more than 200 countries and territories via. Western Union and to more than 80 countries via. Wise.
People all over the world transfers about 700 billion dollars to their friends and relatives in their home countries every year, which is money needed for necessities like healthcare, education, bills and more. According to a recent study, 73% of people regularly send money abroad especially during this pandemic situation and also vice-versa. However, in a survey of last year, about 38% of people has a greater involvement in international payments. This suggests that as the pandemic continues to create great uncertainty in the future years, easing the financial anxieties of loved ones is even more critical and would be helpful too.
How is the process done?
In order to transfer the money internationally, start by selecting the Google Pay user you want to send money, then tap “Pay”, and select either of the company, Western Union or Wise. From there, you may simply follow the steps to complete the transaction. Till June 16, Western Union is offering unlimited free money transfers while sending money with Google Pay and in case of Wise, they will be allowing the first transfer to be free for all new customers on transfers up to 500 dollars.
For some people, sending money back to their home countries is a regular activity and Google pay authorities are making it more accessible by adding it to the app that users may make use of it for everyday money tasks.
Thus Western Union and Wise, are now able to give those with family abroad a simple, safe and reliable way to send money. Google Pay services marks a new step with this technology, thereby helping company in the expansion of its financial services offering, increasing competition in the digital payments market.
Wise company in London was launched in 2011 with the main goal of making international money transfer cheaper and easier whereas Western Union with its vast global network of physical locations, remains the market leader in remittances.
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.- Josh Woodward, Director of product management at Google