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Google mobile payments service Google Pay has entered into the massive remittances market. The latest announcement from Google says now the US users will be able to send money to India and Singapore.
Google has teamed up with money transfers firms Wise and Western Union on the feature. It integrated their platforms into the Google pay app. Like any other applications and money transfer platforms, Google Pay as well takes a small cut of the cross-border transactions made through its app.
Google Pay Users can choose between Wise Or Western Union to transfer their money. This is certainly a giant move from Google towards the remittances market and is expected to become a game-changer soon.
The already existing money transfer platform TransferWise is ‘Wise’ now and this tie up with Google is big for the firm. Wise is already selling its platform as a service to banks like France’s Groupe BPCE, Britian’s Monzo and Germany’s N26. Google will be expanding its remittances feature into the 80 countries that Wise already operates in. Western Union covers 200 nations.
Other tech firms, Apple has its own credit card in partnership with Goldman Sachs in 2019. Facebook is heading towards digital currency and payments. Google launched a new version of its Google pay app in the US last year with the addition of checking accounts from lenders like Citi.
Tags Google Pay US India Western Union Wise Transfer
