The Google Pay platform aims to cover all the countries where the associated remittance companies operate, to facilitate its users to send money cross-border
Photo: LEON NEAL / AFP via Getty Images. / AFP / Getty Images
Sunday, September 29
Google Pay partners with Wise and Western Union to send remittances from the United States
Google Pay launches into the remittance market and partners with money transfer platforms Wise and Western Union, to provide this service to its US users, as reported by Google Alphabet.
This raid with an investment of 470, 000 millions of dollars is one more step in the expansion of the financial services of this platform, and one more entity for competition in the field digital payments.
Western Union, US company, leader in remittances and money transfers worldwide and a significant number of physical offices; while Wise is a recognized British platform for the easy handling of its application and promotional prices.
For its part, Google Pay has 200 millions of active users in 40 countries and in November In the past, it redesigned its payment application with new promotions and with a waiting list for bank accounts that will be launched soon with several lenders.
In this digital and distancing era, fintechs have taken an unprecedented boom and the companies that were not embarked on that digital wave, have been forced to do so.
Regarding remittances, the 2020, against all odds it was a year of momentum for all these specific companies alized in sending money. One of the factors that influenced the volume of these remittances not only to be maintained but to increase was precisely the availability of the technology.
From the United States, there are an important market for sending remittances to Latin America, to countries such as: Mexico, Guatemala, the Dominican Republic, Colombia, Honduras and El Salvador, mainly. However, Google Pay for the moment announces that it can now be transferred by Google Pay for India and Singapore.
For their part, all those Latin American countries have exceeded the expectations in terms of sending remittances, but Mexico leads by registering monthly records in the sending of money .
For all this, Competition among technology and money transfer companies is increasing more and more. and; In the case of Google Pay, the idea is to become a single space to cover all kinds of financial needs of users, from digital wallets, through cross-border payments and even credits.
Google Pay plans to extend this service to 80 countries via Wise ya 200 via Western Union . “Our goal for this year is to work with Wise and Western Union to implement this in the countries where they operate,” emphasized Josh Woodward, Google’s director of product management.
Currently this payment service is already available in companies such as Apple Inc, PayPal, and Samsung, among others.
You may also like:
How much the dollar is trading at this Wednesday in Mexico: the peso loses ground against the dollar
We recommend you
