The Mobile Wallet Platform the Google Pay had tied up with the financial transfer firms Wise as well as Western Union for permitting their US-backed clients for remitting finances to the India as well as Singapore, thereby demonstrating an evidence of the tech giant’s initial foray into the multibillion-dollar global remittance sector.
The latest and most modern service incorporates mixing up of the platform of London-backed Wise (priorly known as Transfer Wise) and the Western Union’s Money transfer, the global major pioneer in the financial transfer services, into the Google Play App. The Google Pay stated out within a blogpost on Tuesday, that, the clients can choose from amongst the two platforms for sending their funds to the Google’s E-Wallet consumers within India as well as Singapore.
The Blog’s author, Viola Gauci, the Product Manager at the Google Pay stated that; “For some, sending money back to their home countries is a regular activity and we are making it more accessible by adding it to the app that you use for your everyday money tasks. We’re now able to give those with family abroad a simple, safe and reliable way to send money abroad.”
The mobile wallet business is set to become a $2.4 trillion industry this year, mounting 24 percent year-on-year, according to a report by finance and investment concern Finaria. This trend is estimate to remain, with the market assessed to touch $3.5tn by 2023, the report added.
In October, the World Bank stated that the remittances would tumble down to 14 percent by the cease of 2021 comparatively with pre-Covid-19 levels in 2019. The Washington-based lender anticipated global remittances would deteriorate 7 percent to touch up at $508 billion in 2020 and 7.5 percent to $470bn in 2021.
By the cease of the year, US Google Pay users will be able to direct funds to public in more than 200 nations and territories all via the Western Union and to more than 80 nations through Wise, according to the blog post.
Google Pay’s director of product management, Josh Woodward, stated out in a current interview that; “We’re not planning to become a bank or a remittance provider. We work with the ecosystem that already exists to build these products.”
Western Union will also offer unrestricted free transfers when transferring finance with Google Pay until June 16, while Wise will make the initial transfer free for new clients on transfers up to $500, the blog post added.
As per the KPMG’s report, about 26 percent of financial establishments are already associating with one or more technology establishments, and an additional 27 percent stated that they are forecasting to unearth such partnerships within the forthcoming year.
Google, which was the initial major firm to introduce an e-wallet in 2011, is one of countless tech establishments assertive deeper into the financial world. In 2019, Apple launched a credit card in partnership with Goldman Sachs.
Facebook is in pursuit to announce Libra, a digital currency to brand global payments economically and swifter, but it drew amplified supervisory scrutiny. The social media firm also launched Facebook Pay, which allows consumers to securely direct payments to others.
Ride-hailing business Uber had previously unleashed out a new segment known as Uber Money, which includes a digital wallet and upgraded debit and credit cards. Thus, these illustrations depict out that instead of observing technology majors like Google, Microsoft and Facebook as a threat, a rising number of financial institutions are associating with them.
