Google Pay now has 67 million active users who use it at least once a month.
Google Pay has grown 3x in India in the last 12 months, Sajith Sivanandan, MD and business head of Google Pay and Next Billion Users, said on Tuesday. He is optimistic about growth to continue in the country. India’s payment landscape is becoming interesting with more players entering the segment, he maintained.
Google Pay now has 67 million active users who use it at least once a month. The value of transactions has gone up to $110 billion on an annualised basis. “This is not just a metro phenomenon. The most gratifying part is that two-third of the transactions are happening outside the top seven metros,” Sivanandan said.
“We started two years ago and in these two years we have been on UPI · now larger than any other form of digital payments,” Sivanandan said. There has been 60x growth in UPI and it has overtaken all the others in the number of transactions, he said. “We are still in the infancy stage of this journey, but conditions are conducive to growth,” he said.
Google Pay is offering a plethora of services from payments of utility bills to recharging mobile phones to booking tickets. They have a tie-up with IRCTC and passengers can book tickets without paying up any additional cost.
The focus at the moment is to drive the ecosystem and offer right services, he said and added monetising is not the priority at present. “We have seen growth on the back of referrals and this has been a critical factor,” he said.
Sivanandan said the company had over 3,000 on-line merchants across sectors like food delivery (Swiggy, Zomato, FreshMenu), travel (Uber, RedBus, AbhiBus, GoIbibo, Yatra), movie tickets (BookMyShow) and trading and investments (Zerodha), who accept Google Pay. They are tapping off-line players, and have more than 2,00,000 stores in 3,500 cities.
Sivanandan was in Pune on Tuesday to roll out ‘Google Pay for Business’. The feature enables merchants accept and manage digital payments. The initiative targets small and medium business communities. This is a free service where customers can pay directly at the merchant store using QR codes or phone numbers. Small businesses can accept digital payments without incurring any additional cost, and can transfer their money directly into their UPI-linked bank accounts.