The cashless approach was considered unsafe and often unreliable in its earlier stages as there were definitely some vulnerabilities in managing the security aspect of it. The limitations of the internet infrastructure that varied from place to place limited its overall usage to a few places that supported it fully.
Now, however, with changing times, consumers have an option to go entirely cashless in most urban and suburban areas without any issues.
FINANCIAL SUPPORT ANYWHERE
As more and more of us embrace and integrate the cashless approach into our daily lives, it has become easier than ever for everyone to transfer the money in the account to their friends and relatives in their time of need.
This is especially necessary for the time of this current global pandemic, where depending on their geographical location and many other factors, an individual’s friends or relatives may be in desperate need of financial support.
According to a recent survey, every year, a sum of around $700 billion is sent from people to their relatives to pay for their essential expenditures such as healthcare, education, bills, and more.
Another survey conducted by Mastercard revealed that 73% of its users regularly send money abroad.
Other than this, it has been reported that 38% have shown more involvement in transferring and making transactions abroad.
One of the major reasons for this, of course, is the aforementioned global COVID pandemic.
INTERNATIONAL MONEY TRANSFERS AT YOUR FINGERTIPS
This is something that Google Pay has tried to capitalize on recently, as people can transfer money directly from the United States to the people living in Singapore and India.
This has been made possible by Google Pay’s recent partnership with Western Union and Wise.
By the end of this year, it is expected that people will be able to send and receive money to around 200 countries and territories through Western Union and 80 countries and territories through Wise.
Initially, the first transfer will be free for the new customers for up to $500.
There might be further developments in this business model as time goes on.