Android Pay, the mobile payment system developed and released by Google, can now be used by Android users to facilitate peer to peer (P2P) money transfers from one country to another. This is made possible through WorldRemit, which revealed recently that it will now allow customers to send money internationally via Google’s contactless mode of payment. For those not familiar with WorldRemit, it is a startup firm that specializes in cash remittance services, and it has connections to about 120 million mobile money accounts around the world, which basically allows for people to transfer cash to family, friends, or business contacts anywhere across the globe. What exactly is Android Pay’s role? Well, Google’s payment system will be used for facilitating payments into the app, which means that the recipient of the cash transfer will be able to specify any mobile bank account in retrieving the transferred money.
For some time now, Android Pay has only been utilized for in-app and contactless payments, as well as in making P2P cash transfers to recipients within the same country as the sender. But by way of WorldRemit, the mobile payment system can now be used by owners of Android powered mobile devices to remit cash abroad.
As for Google, it has another addition to its growing list of accomplishments with regards to its own brand of contactless mode of payment. Indeed, ever since debuting its Android Pay around a couple of years ago, it has struck a recent collaboration with payments giant PayPal, integrating it with Facebook’s Messenger communications platform in order to allow for group payments. Google has also introduced an expanded payment application program interface (API) in order to further improve Android Pay’s presence across many more mobile apps and payment options.
As of latest count (courtesy of Juniper Research), Google’s Android Pay has about 25 million users in 15 countries around the world. By landing a partnership with WorldRemit (and hopefully, other remittance service providers in the near future), the tech giant can put itself in a good position to increase the adoption of Android Pay and encourage more users to give the mobile payment system a try.
As estimated by the World Bank, remittances became a $440 billion market last year. However, only a small percentage of that market currently takes full advantage of new remittance apps, like WorldRemit for instance. The fact of the matter is: a lot of people still depend on old school service providers like MoneyGram or Western Union.
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