Google announced on the 11th (local time) it has established a service which permits users to transfer money to India and Singapore in collaboration with international remittance network businesses.
Based on Daily Reuters, Google has partnered with Wise and Western Union to incorporate their platform using the Google Pay program.
Google Pay users may select between Wise or Western Union services to send cash overseas.
Google Pay started a brand new version of the program in the U.S. this past year and entered the service industry that could provide savings account, reimbursement, and funding management solutions for banks like Citibank.
Google is among the several huge tech firms entering the world.
Apple started its credit card partnership with Goldman Sachs in 2019, and Facebook is revealing a great deal of motion in electronic money and obligations. In China, Alibaba affiliates Ant Financial and Tencent entered the electronic payment area.
Google’s recent entrance to the financial services industry is a result of the expanding international remittance industry. The World Bank declared that the number of remittances from abroad Koreans to non – and middle-income nations annually accounted for $50.8 billion.
Later on, Google is expected to expand its remittance role to 80 nations worked by Wise and 200 nations worked by Western Union