Google Pay Crossed Phonepay in India | Techbells | Tech bells | Social Feeds | Socialfeeds
Two years after debuting in India, Google's digital fee platform Google Pay has outpaced PhonePe to hit sixty-seven million month-to-month energetic customers (MAUs).
Flipkart-backed PhonePe final stated 55 million month-to-month active users in the country.
At the fifth version of its annual 'Google for India' match on Thursday, the tech large said Google Pay's customers grew three times in the past 12 months alone.
"In the closing 12 months alone, Google Pay has grown 3X to reach to 67 million monthly active users, driving transactions well worth over $110 billion on an annualized basis, with heaps of lots of offline and on-line merchants," Knight added.
India recorded an accelerated boom rate of over 50 percent in the volume of retail electronic payment transactions in the previous four years, according to a today's document via the Reserve Bank of India (RBI).
The increase in 2018-19 was mostly due to the steep boom in Unified Payments Interface (UPI)-based digital payments.
Elaborating the company's plans to increase the adoption of digital payments by merchants, Kenghe said: "The extensive majority of India's over 60 million small corporations are still no longer benefiting from the growing digital economy. We're launching a new app referred to as Google Pay for Business -- a free and handy way for small and medium-sized merchants to enable digital payments besides the trouble of time-consuming onboarding and verification process."
Google Pay additionally launched tokenized cards for debit and savings cardholders -- a secure way of paying for matters the use of a digital token on users' cellphone rather than their authentic card number.
Tokenised playing cards on Google Pay would roll out in the next few weeks with Visa cards for HDFC, Axis, Kotak, and Standard Chartered banks and aid to cowl Mastercard and Rupay and greater banks in the coming months.