At nearly Rs 8 lakh crore (annualised) with 6.7 crore monthly users, the transaction value on two-year old Google Pay dwarfs that on the entire mobile wallet community including Paytm many times over.
Google’s mobile payment system Google Pay has emerged as the king of UPI payments in India, with annualised transaction value worth $110 billion. At nearly Rs 8 lakh crore (annualised) with 6.7 crore monthly users, the transaction value on two-year old Google Pay dwarfs that on the entire mobile wallet community including Paytm many times over. The total value of mobile wallet payments was at Rs 1.84 lakh crore in the last financial year 2018-19, according to RBI data. Google Pay is learnt to be the single largest UPI payments player in India, with 60% market share.
Google Pay remains one of the most downloaded applications and has been downloaded more than 18 crore times since it launched in September 2017, according to The Wall Street Journal. Google Pay resembles a chat app and is available in local languages. The platform is used by customers for buying train tickets, paying bills and even to purchase lunchtime meals from street vendors. In India, local stores accept Google Pay payments via phone application.
Prime Minister Narendra Modi’s demonetisation move was a big push to consumers to shift from cash to mobile transactions. Digital payment has seen wide adoption across India due to wider internet penetration and cheaper smartphones available in the market, along with the cash crunch caused by demonetization. The country recorded UPI transactions worth over Rs 1,54,000 crore with 92 crore transactions in the month of August alone, according to NPCI’s BHIM UPI official Twitter account. Digital transactions are a step towards achieving a cashless economy dream and UPI payments, along with mobile wallets, are bringing it step closer each day.
Meanwhile, the Google Pay payments platform is getting a big update including features like tokenized cards for more secure payments, food delivery, Google Pay for Business, e-KYC and simpler Onboarding, donations and the new Jobs Spot. Google Pay is facing stiff competition from rivals, including wallets such as Paytm, PhonePe, Amazon Pay and Airtel Payments Bank etc. WhatsApp Pay service by Facebook is also an upcoming contender in the race. Whatsapp has already had a trial run for its payment platform in 2018.