Two years after debuting in India, Google’s digital fee platform, Google Pay, has outpaced PhonePe to hit 67 million month-to-month energetic customers (MAUs) within the nation. The Flipkart-backed app is likely one of the largest funds platforms in India with 55 million reported MAUs in June. Talking on the fifth version of the ‘Google for India’ occasion on Thursday, Ambarish Kenghe, the director or product administration at Google Pay, claimed UPI transactions on the platform grew from 17 million in August 2017 to 918 million in August 2019.
He additional mentioned that the variety of customers grew 3 times up to now 12 months alone. “Within the final 12 months alone, Google Pay has grown 3X to succeed in to 67 million month-to-month energetic customers, driving transactions value over $110 billion on an annualized foundation, with lots of of 1000’s of offline and on-line retailers”, he mentioned. “The largest story in India’s booming Web financial system has been the rise of digital funds. With BHIM UPI crossing 900 million funds final month, India is setting the worldwide commonplace on learn how to digitize funds”, he added.
Based on a brand new report by the Reserve Financial institution of India (RBI), retail digital fee transactions within the nation grew by greater than 50 % CAGR in quantity over the previous 4 years, with the expansion in 2018-19 largely attributed to the steep enhance within the variety of UPI funds.
Nevertheless, with Google Pay utilization largely restricted to end-consumers to date, Google launched a brand new app referred to as Google Pay for Enterprise that the corporate says will broaden the adoption of digital funds by retailers. Based on Kenghe, the app will supply “a free and straightforward method for small and medium-sized retailers to allow digital funds with out the effort of time-consuming on-boarding and verification course of”.
You may learn extra particulars about Google Pay for Enterprise by going via our detailed article on the topic.
With inputs from IANS