Google’s foray in the $470 billion remittance market, marks a further step by the technology company to expand its financial services offering, ramping up competition in the digital payments sector.
London-based Wise was launched in 2011 with the aim of making international money transfers cheaper and easier, while Western Union remains a market leader in remittances, with a sprawling global network of physical locations.
Their partnership with Google Pay, which has 150 million users in 40 countries, comes as the COVID-19 pandemic has led to a boom in online payments, but an estimated drop in overall remittances flows. The money migrant workers sent home is projected to have declined 14% from 2019 due to worsening economic conditions and employment levels in migrant-hosting countries, according to the latest estimates from the World Bank.Read more ↓
Here is how to Transfer Funds from US to India using Gpay :-
- Download the latest version of Google Pay from the Play Store, if you do not have the new app redesign.
- Set up the Google Pay app by following the steps set out by Google which involves setting up your bank account...Read more>>