- Now people living in America can send money to India through Google Pay.
Google Pay Money Transfer Facility: Google has introduced the international money transfer facility. Now you can send money from one country to another through this. However, this feature is currently available to US customers only. But by the end of this year, the facility will be launched in 80 countries of the world.
Partnership with Wise and Western Union Money
Google has partnered with remittance firm Wise and Western Union for this international money transfer. Through this, he will send your money to other countries. Google said that Google Pay customers in the US can now send money to India and Singapore through the Google Pay app. There are a lot of Indians living in America and hence it has been started from there.
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India is a Big Market
India considers Google a big market in terms of population. Google is planning to occupy a large part of the world’s $ 470 billion remittance market through technology. It wants to increase its financial services. It wants to make a foothold in the digital payment sector.
London’s Wise introduced the international money transfer facility in 2011. This is the cheapest and easiest facility. However, Western Union Money is still the leader in this sector. It has a large global network of physical locations.
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Google in Search of Big Market
These two partnerships with Google Pay will provide a huge market. Google Pay has 150 million subscribers in 40 countries. Due to Corona, the focus is on online payment all over the world at the moment. Customers are also using this facility. According to the World Bank, however, in 2019 there was a 14% decline in the amount of money sent by expatriates. This is because the economic conditions were weak and there was a decrease in employment in the countries where the migrants live.
Plan to Reach More Countries
Even after Kovid-19, people are moving from one place to another. Josh Woodward, director of product management at Google, said that our goal for this year is to reach out to countries as far as Western Union and Wise’s network and as far as they can support us. This new strategy of Google has given other tech companies an idea to enter this sector. It is in a way a one stop shop of financial needs for all customers.
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There are Many Companies in This Sector, Including a Chinese Company
Ant Group of China, Samsung Electronics, Apple Inc. and PayPal Holdings have also offered mobile valet. Through this, services of crossborder payment are being offered. Google Pay is directly competing with Paytm and Phone Pay in this sector. Google Pay has 7 crore customers in India. It started service in India 3.5 years ago.
