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Google showcased an innovation for its mobile payments app Google Pay on Wednesday, wherein merchants at stores can initiate payment requests by punching in a customer’s mobile number on their point-of-sale (POS) terminals.With this the California-based firm is taking on PhonePe and Paytm in their own home ground and is also challenging its US rival Amazon.
Google also unveiled two other services through which its payments application users can book train tickets and buy gold.
“Digital payments has been a phenomenal story for India,” said Ambarish Kenghe, director, product management, Google Pay, India. “We want to address use cases that are close to our (customer’s) heart.” Unified Payments Interface (UPI) transaction volumes have outpaced all other forms of digital payments including wallets, mobile banking, and credit and debit cards. It has grown 40 times in 18 months, from 17 million transactions in August 2017 to 673 million in February 2019.
Chart Google Pay’s monthly active users have grown three times, from 14 million in March 2018 to 45 million in March 2019. Total money value flowing through Google Pay equals $81 billion at an annualised run-rate level. Google Pay is betting big on this growth and has formed partnerships with payments companies Pine Labs and Innoviti to enable UPI payments across a massive footprint of POS terminals spanning 200,000 stores in over 3,500 cities and towns.
“The reality is that hundreds of millions of Indians still go into the stores to buy and transact. We are going to enable thousands of large-format retail stores (transact) through Google Pay,” said Sajith Sivanandan, Business Head, Google Pay, India.
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