Two years after debuting in India, Google's digital payment platform, Google Pay has outpaced PhonePe to hit 67 million monthly active users ( MAUs ) in the country. The Flipkart-backed app is one of the biggest platforms in India with 55 million MAUs reported in June. Speaking at the fifth edition of the " Google for India " event on Thursday, Ambarish Kenghe, the director or product management at Google Pay, claimed UPI transactions on the platform grew from 17 million in August to 918 million in August 2019.
* How Google Pay can achieve it in so less time. "
Google is the king of the Internet and after the demonetization period was implemented in the country and there was a crunch of cash everywhere and the payment was by the digital means. But everywhere digital setup was not possible and the government then promoted Go Cashless and the leader was Paytm at that time because the Paytm was the right choice to solve the problem and the company was also giving cashback on transactions to promote Digital payments and after that, the trend of Digital was in action.
He also further said that the number of users grew three times in the past 12 months alone. " In the last 12 months alone, Google Pay has grown 3X to reach 67 million monthly active users, driving transactions worth over $110 billion on an annualized basis, with hundreds of thousands of offline and online merchants," he said. " The biggest story in India's booming Internet economy has been the rise of digital payments. With BHIM UPI crossing 900 million payments last month, India is setting the global standards on how to digitize payments, " he said.
According to RBI ( Reserve Bank of India ), retail electronic payment transactions in the country grew by more than 50 percent CAGR volume over the past four years, with the growth in 2018-19 largely attributed to the steep increase in the number of UPI payments.
Google Pay is so popular because of its simple user experience and the great accessibility that every shop has Google Pay or BHIM UPI which means that it can be used very easily and especially it gives you lot of cashback in Reward form and when comes to security Google security is awesome in comparison to other UPI like Paytm, PhonePe, and Google Pay has a problem that it is available to small business and not too big ones. But Google in his event they has launched the Google Pay for Business.
If you want to know more about Google Pay for a business click on this link.
Here Conclusion is that Google Pay is the most loved and trusted UPI that is much more user-friendly and security of it is awesome and in Future it can be the king of UPI payments and chances are that PhonePe can be the king but if it provides more features and security in comparison to Google Pay. Currently, Google Pay is performing much better than its competitor.
You are currently using Google Pay or other provider let me know in comments below.