Google Pay notices two out of 3 transactions happening from small cities

By: |
November 09, 2019 3:47 AM

Speaking to mediapersons here, Sajith Sivanandan, MD and business head, Google Pay and NBU initiatives, said India is transacting at $ 110 billion per year on Google Pay and UPI transaction volumes have grown 60X since the launch of Google Pay.

Google Pay, Google Pay user growth, Google Pay for Business, digital payments, UPI payments, Google securityGoogle Pay is India’s fastest-growing digital payment product.

Google has said approximately two out of three transactions on Google Pay come from beyond India’s seven largest cities — from over 300,000 villages, towns and cities. Google Pay achieved 3X user growth in 12 months, from 22 million monthly activate users (MAUs) in September 2018 to 67 million in September 2019.

Speaking to mediapersons here, Sajith Sivanandan, MD and business head, Google Pay and NBU initiatives, said India is transacting at $ 110 billion per year on Google Pay and UPI transaction volumes have grown 60X since the launch of Google Pay.

Explaining about the Google Pay for Business offering, Sivanandan said India’s SMBs are a core pillar of the Indian economy and with Google Pay for Business, the company aims to ease their path to going digital and tapping the massive consumer opportunity with digital payments, created on the back of the massive growth of UPI in the country. Over 3,000 online merchants spanning the gamut of food delivery (Swiggy, Zomato, FreshMenu), travel (Uber, RedBus, AbhiBus, GoIbibo, Yatra), movie and event tickets (BookMyShow) and even trading and investments (Zerodha), accept Google Pay. To further expand merchant-based digital payments, Google Pay has collaborated with Pine Labs and Innoviti to enable UPI payments across a massive footprint of POS terminals across the country, spanning 200,000 stores in over 3,500 cities and towns.

Elaborating on Google Pay’s security features,Sivanandan said, “Security is at the heart of Google Pay. Google’s expertise in security and machine learning backs every transaction, and it’s working 24/7 to help detect spam, fraud, prevent hacking, and verify and protect the identity of every user. Google Pay works closely with well-known banks and follows the same safety and security best practices as banks, along with an added layer of Google security, such as passcodes or fingerprint IDs, as well as a Google PIN code.”

Google Pay is India’s fastest-growing digital payment product. Being used across 3 lakh cities, towns and villages, over 60% of Google Pay transactions emerge from beyond the metro cities. Apart from popular use cases like bill payments and mobile recharges, users on the platform can also make payments to users outside Google Pay through the external payments feature — a secure process that allows users to transfer money, with a bank account number and IFSC code, instead of a mobile number.

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