Alphabet
’s
GOOGL
division Google has rolled out international money transfer feature on its payment app, Google Pay, in collaboration with Wise and Western Union.
Notably, the new remittance facilityenables Google Pay users in the United Statesto transfer money via the app to users residing in India and Singapore.
For leveraging the new facility, senders will be charged a fee that will be displayed when the money transfer will take place. The people receiving money will be free of any additional charges.
We note that the latest move marks the expansion of Google’s key offerings in the booming digital payment market.
As part of the move, the company intends to unveil the new feature to 80 countries via Wise and to 200 nations via Western Union.
Google to Benefit
We believe Google is likely to gain strongly on the back of the latest move amid the ongoing coronavirus pandemic situation, which has led to growing proliferation of contactless and cashless transactions.
Moreover, the company is expected to gain strong traction among customers by delivering seamless payment transfer experience.
It has expanded reach to the digital payment market of India and Singapore. Reportedly, the user base of Google Pay in India currently stands at 70 million.
Moreover, the United Nations’ International Organization for Migrants 2018 data reveals that India’s immigrant populationtransfersthe majority of the remittances.
Competitive Advantage
With the latest move, Google has intensified competition in the digital payment space and mobile wallet market.
Apart from Google, tech giants like
Amazon
AMZN
,
Apple
AAPL
and
PayPal
PYPL
are also ramping up their initiatives to capitalize on the rising adoption of payment apps.
Nevertheless, Google’s continuous efforts toward enriching customers’ payment experience remain a positive.Further, the company’s strong payment partner basewill continue to augment its payment services.
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