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GPay launches international money transfers
May 12, 2021
Alphabet Inc’s Google has launch global money transfer partnerships with remittance firms Wise and Western Union Co for clients of its U.S. payments application, the organizations said.
Google Pay clients in the United States would now be able to transfer money to application users in India and Singapore, with plans to grow to the 80 nations accessible through Wise, and 200 by means of Western Union before the year’s over.
Google’s foray in the $470 billion remittance market, denotes a further step by the technology organization to extend its financial services offering, ramping up competition in digital payments secgment.
London-based Wise was launched in 2011 aims on bringing in worldwide money transfer cheaper and simpler, while Western Union remaining parts a market leader in remittance, with a sprawling worldwide network of physical locations.
Their organization with Google Pay, which has 150 million clients in 40 nations, comes as the COVID-19 pandemic has led a boom in online payments, but an estimated drop in remittances flows.
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