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.
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.
- Now tap the ‘Pay’ button on the new Google Pay app home screen and choose between Western or Wise.
- Follow the instructions to complete the payment process. Google also says US users will have free transfers from Western Union until June 16, while Wise will allow one free transfer, provided the amount is under $500.
