Google Pay, a digital payment system, has reportedly achieved over 3X user growth in 12 months, from 22 million monthly active users in September 2018 to 67 million in same month this year, reported Inc42.
The announcement from Google comes merely two days after the Google Pay for Business app is launched in Chennai, which will enable small and medium businesses to adopt digital payments that vastly reduce hassle and time required in the completion of paperwork and verification.
For details: Google Pay for Business launches in Chennai; to focus on SME businesses
The most-used search engine in the world, Google, also claims that India is expected to clock the fastest growth in digital payments in terms of transaction value and it is no doubt that Tier 2 and Tier 3 cities will be a major driver behind this growth.
According to Google, two out of three transactions on Google Pay have come from over 300,000 villages, towns and cities, beyond the Tier 1 cities.
Sajith Sivanandan, MD and business head, Google Pay and NBU initiatives said that India is transacting at $110 Bn a year on Google Pay and unified payments interface (UPI) transaction volumes have grown 60X since its launch in the country.
Sivanandan further emphasized on Google Pay’s offering for businesses and said that with Google Pay for Business app, the company aims to ease merchants’ path of going digital and tapping the massive consumer opportunity with digital payments.
In addition, the Google Pay has also tied hands with Pine Labs and Innoviti to provide UPI payments across POS terminals, including two lakh stores in over 3,500 cities and towns.
Hence, beside Google Pay, other transaction platforms include Paytm, Amazon Pay, PhonePe, Paypal, Mobikwik, and many more.