Google Pay accounts for 54% of merchant transactions on Razorpay

Google Pay seems to have emerged as the most popular digital payments platform in India. Along with witnessing a constant rise in its user base, Google Pay has also become merchant favourite across platforms.

On converged payments solution firm Razorpay, Google Pay accounted for 54 per cent of merchant transactions. Razorpay in its report ‘Era of Rising Fintech’ said Paytm and PhonePe were way behind with 9.7 per cent and 11.9 per cent respectively merchant transactions on the platform. BHIM merely managed 4 per cent of those transactions, ETquoted the report.

In the past six months, Google UPI app has grabbed more market share than any of its competitors in the country. In this period, it saw its monthly active users reaching 45 million alongside Paytm and PhonePe.

In February, PhonePe and Google Pay were reportedly doing around 220 million transactions each while Paytm was leading the pack with 225 million transactions.

Last month, UPI recorded around 800 million transactions worth Rs 1,33,460.72 crore. Out of this, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March.

Whereas its rivals PhonePe and Paytm did 10K-15K crore less transaction in compare to Google pay.

Annually, Google claimed to hit $81 billion (or Rs 5.7 lakh crore) transaction run-rate in March. The tech behemoth is reportedly spending over $10-$15 million every month to draw more users on its platform.

Last month, Google Pay also partnered with Pine Labs to accelerate its offline transactions. The collaboration will give Google Pay access to over 3,30,000 point-of-sale terminals in over 3000 towns in India.

Meanwhile, the report hailed cards payment as a most preferred mode of transactions with 57 per cent of digital transactions. UPI accounted for 17 per cent while mobile wallets were at less than 2 per cent.

Among the multiple sectors where Razorpay is used, 42 per cent alone belonged to travel. Within three years of its operations, Razorpay claimed to have hit a run rate of $1 billion worth of transactions.

The report further outlined merchant demand for digital payments has seen a 70 per cent Year-on-Year (YoY) growth. Non-cash transactions are likely to overtake cash transactions in the country by 2023, it added.

wallet script - rpay

Looking forward to develop a digital payment app? Then Our RPay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://entrackr.com/2019/04/google-pay-transactions-razorpay/

PhonePe is the first UPI app that can be used at Walmart India’s B2B stores

Walmart India and Flipkart-owned PhonePe on Monday said they had entered into a partnership to launch PhonePe as a payment option at Walmart India’s 23 Best Price Modern Wholesale ‘B2B Cash & Carry’ stores.

Phonepe to walmart

Walmart’s `Best Price’ stores cater to the needs of different business customers by providing relevant products and solutions to individual segments. These stores target resellers, including kiranas and electronic outlets along with offices, institutions, hotels, restaurants, and caterers.   

The new partnership will allow registered members of Walmart India’s ‘Best Price’ stores to leverage different payment options on the PhonePe app, including Unified Payments Interface (UPI), PhonePe wallet, third-party wallet, credit and debit card.

This partnership makes UPI payments available for the first time at Best Price Cash & Carry stores.   Further, the collaboration will not be limited to Walmart India’s stores, but also extend to the retailer’s Best Price online platform and assisted-ordering solutions.

According to PhonePe, this collaboration with Walmart India is expected to accelerate the payment platform’s adoption by kiranas and other small businesses.The company has been aggressively pushing for offline adoption of its platform, since mid-last year.

Announcing the launch, Krish Iyer, President and CEO, Walmart India, said,

“This initiative reiterates our commitment to help kiranas and other small businesses to prosper. The PhonePe payment system will further help our members streamline their business processes. By using PhonePe in our B2B cash-and-carry stores, our members are contributing to India’s growth as an efficient digital economy.”

Commenting on the partnership, Sameer Nigam, CEO and Founder, PhonePe, said,

“We have been working closely with the Walmart India team to deepen our ties, and the launch of PhonePe’s payment solutions in Best Price Stores and on www.bestprice.in, the B2B ecommerce platform, is a step in that direction. With this partnership, we will be able to help these businesses digitise all their payment transactions – from taking payments from consumers to paying at Best Price Stores for their own purchases.”

In October last year, Walmart India said the company would invest close to $500 million to open another 47 stores by 2022, taking the total number of outlets to 70.

A move long due?

PhonePe is a subsidiary of Indian ecommerce behemoth Flipkart, which was acquired by Walmart Inc in May last year. The payments platform first dropped hints of the partnership after the Flipkart acquisition.

“…I would be excited to see whether there are opportunities in the offline space where we can accelerate our offline vision. Walmart has a strong focus to bring digitisation for kirana and offline stores, which are a part of its cash-and-carry network. In that, I would be excited to see if there are synergies being explored with PhonePe for digital payments and solutions in the digital space.”

PhonePe was the first financial platform to be acquired by Walmart Inc., which already has a digital payment arm, Walmart Pay.

This means that the retail giant is still learning about digital payments in the country. In an earlier interview, Rahul also added,

“Well, Walmart is learning a lot about payments through PhonePe, and they are excited about the approach and growth we have shown. We are talking, and they have been open to learning more and more about payments.”

Over the last two quarters, PhonePe has been aggressively working to launch newer offerings on its platform. In November last year, the company launched its wealth management platform, PhonePe Wealth Services Pvt. Ltd.

The company is looking to release tailored products around mutual funds and insurance on its platform, in the next six months.  It is also building its CRM solution, the PhonePe for Business app, which will allow offline merchants to get a digital view of their earnings and, in the future, even allow them to avail of other services, like credit and insurance.

wallet script - rpay

Looking forward to develop a digital payment app? Then Our RPay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://yourstory.com/2019/02/phonepe-first-upi-app-walmart-india-9ogdoin8h8?__sta=jo.mdhqvshbxb.nqsbsocsf%7CBYJ&__stm_medium=email&__stm_source=smartech

Building up a digital wallet that would be cherished by all individuals

Transactions dependably give you the following dimension of rivalry for flawlessness. Purchasers are getting increasingly more depended on the savvy gadgets. Driving the race of savvy gadgets, advanced cells have made a flawless space in the lives of individuals.

The excitement fragment, as well as individuals is overwhelmingly utilizing the innovation to purchase and offer everything extending from basic need to booking tickets for their weekend.

What exactly a mobile wallet?

A portable wallet is a monetary instrument that enables organizations and people to get and send cash by means of smart phones.

mobile-wallet

It is a kind of web based business model that is created with cell phones inferable from their accommodation and simple access. A mobile wallet is additionally called portable cash or a versatile cash exchange.

Continue reading Building up a digital wallet that would be cherished by all individuals

A journey into the globe of mobile payments –

India is seeing a digital revolution especially in the payment scene. The reason could to a great extent be credited to the approach and advancement of brilliant advances clearing an approach to new-age digital banking and mobile payment system in the country. Alongside this, Government and other administrative bodies in India are rolling out all the important improvements to move the nation from money based to less-money and at last to a cashless society.

Ascend in Mobile and Digital Payments

At a certain point of time mobile phones in India were viewed as a thing of extravagance, however now it has turned into a thing of utility making portable a minimal effort intend to get to digital payments.

Common Ways of Mobile Payments

Continue reading A journey into the globe of mobile payments –

Why digital wallets reform payments? – Rpay Wallet

A digital wallet (otherwise called a virtual wallet or e-wallet) enables clients to store and exchange finances between clients without transferring cash through customary saving money systems.

A virtual wallet can in a split second send and get cash incalcuwaable circumstances while never leaving the platform. It acts like an online piggy bank where an individual or gathering of individuals can contribute cash to it. The wallet is then capable send that cash to one or different wallets, rapidly and easily.

At this point, the greater part of you would have utilized a form of a computerized wallet – PayPal, Google Pay, Apple Wallet, etc.

These are quite normal sorts of computerized wallets enabling a client to stack cash into the wallet and afterward utilize that wallet to purchase merchandise or administrations through their platforms, distributed exchanges or crosswise over online business.

The advantage being that once the assets are in the wallet, the platform can move it around without it being on a conventional managing an account organizes, sparing time, cash and furthermore permitting universal exchanges immediately.

The user cases and abilities of a digital wallet take into account some astounding and novel situations.

Continue reading Why digital wallets reform payments? – Rpay Wallet

Top 10 Digital wallets in India – Rpay

What is a Digital Wallet?

Digital Wallet is a like a financial balance where one can stack cash and utilize it to pay for different offline and online services. Dissimilar to Bank accounts, these wallets don’t offer any enthusiasm on the cash kept in the wallet however are more for simplicity of computerized exchanges and benefiting a few offers on utilizing their services. Paytm is a standout amongst the most mainstream digital wallets right now.

Benefits of digital wallet

  • Allows you to go cashless without the need to go through the process of acquiring credit cards.
  • Makes transactions trackable and easier to manage
  • Get offers, benefits and rewards for using digital wallets
  • Allows you to do multiple things like – Transfer to friends, Online Shopping, Pay at offline merchants or even pay your Bills
  • Is instant and free (for users)

Is Digital Wallet same as BHIM/UPI?

Digital Wallets are not same as the BHIM application or UPI service is essentially a payment interface enabling simple shared exchanges. Google Pay utilizes this innovation thus will Whatsapp. Some computerized wallets do support UPI cash exchanges however they give far greater usefulness to the clients.

Continue reading Top 10 Digital wallets in India – Rpay

Favorable circumstances of a Cashless Society

A cashless society is a monetary state where budgetary exchanges are not directed with money or physical cash. In less demanding words, we can state that a cashless society is where no banknotes and coins are utilized for a budgetary or monetary exchange or buy. The exchanges and buy are somewhat done carefully between the gatherings, or, in other words portrayal of cash.

Cashless society is definitely not another idea and it existed some time before the idea of cash, and it was known as trade framework, where products and enterprises were given in return for merchandise and ventures. Advanced exchanges are somewhat like that to deal framework as in both the cases there is no exchange of physical cash. Cashless exchanges have turned out to be conceivable with the utilization of charge cards, Mastercards, and mobile wallets like Google pay, Phone pay, Paytm, online financial balance exchange and furthermore through computerized monetary standards, for example, bitcoin. Be that as it may, all these have made the procedure very simple and agreeable for the general population.

As now there is no compelling reason to stress over money and going banks and ATM oftentimes. Yet, there is significantly more to consider than the straightforwardness and comfort. There are a few concerns identified with protection and control as each buy and exchange are currently recorded some place and checked by somebody. While a greater part of individuals wouldn’t fret this, a few people need their exchanges and buys to stay private for numerous reasons.

Favorable circumstances of a Cashless Society

Effective and Convenient

Going cashless decreases the issue of illustration money and liberates from the strain that whether trade out hand is adequate to make a payment or not. With cashless and digitized payment framework it has turned out to be more productive and helpful for the majority. This likewise accelerates the procedure of the budgetary transaction.

Continue reading Favorable circumstances of a Cashless Society

The History of Stripe – Online Payment App

Making online payments was not always a click of a button. Many early users found the processes intimidating, unnerving, and even dangerous. Today web merchants and customers have little hesitation making online transactions; in fact, online payments have become a standard. The reason for this attitude change is partly due to Patrick and John Collison, brothers and the founders of disruptive payment company Stripe.

The Inspiration

Stripe was conceived in early 2010 as a side project. Patrick was the Director of Product Engineering for Live Current Media, the company that bought out his first startup Auctomatic. John was attending Harvard. The two brothers had a goal to simplify online transactions and develop an easy-to-use interface. Only two weeks after the initial prototype, Stripe conducted a transaction with its first customer, 280 North, a Y Combinator company.

Continue reading The History of Stripe – Online Payment App

The History of PayPal – Online Payment System

Back in the early 90’s, sending and receiving payments online between individuals was not an easy process. People didn’t even imagine the possibility of such transactions, even though banks and other financial institutions had the means of conducting them. Now everyone knows about and uses the world’s largest and most famous online payment system, PayPal.

Bold statement, you say? Check out the facts assembled by the folk at PLAY-N-PLAY and think again.

Currently, PayPal operates in 202 countries worldwide, with 203 million active users and 16 million merchant accounts. Since its inception, it has recorded 1,7 billion transactions with 32 payment transactions per active account. 768.745 websites worldwide use PayPal. And PayPal’s website itself, PayPal.com, ranks 73 worldwide by traffic. Impressive, right?

Now, let’s dig into the history of PayPal and learn about its journey to success. You won’t regret it, as it is a phenomenal one.

How did it all start?

Well, it goes back to Confinity Inc. founded by Ken Howery, Luke Nosek, Max Levchin and Peter Thiel in 1998. The company aimed to provide secure software for financial transactions on individually owned devices. In 2000, Elon Musk, initiated a merge between Confinity and X.com, his own online banking company. After realizing that Confinity’s operations were more profitable than X.com’s, Musk continued to focus only on Confinity’s operations of transferring money. PayPal, as we know it, kicked off in October of 2000.

Continue reading The History of PayPal – Online Payment System

Startup Watchlist: 9 Fintech Startups To Watch Out For In 2018

This article is part of Inc42’s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like Blockchain, Logistics, Fintech etc. Explore all the stories from ‘Startup Watchlist’ series here.

“Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive.” – Microsoft co-founder and former CEO Bill Gates.

In India, the need for technological disruption in the banking sector is all the more acute, given that over 19% of the country’s population still remains unbanked. This is where fintech startups come in.

Touted as the year of financial technology services, 2017 saw the emergence of a legion of promising fintech startups that are working to bring innovation and disruption to the otherwise conservative Indian banking sector.

Forecasted to cross $2.4 Bn by 2020, as per a report by KPMG India and NASSCOM, India is currently home to more than 500 fintech startups, whose collective aim is to attain financial inclusion. Since early 2015, the fintech sector has undergone massive changes, chief among them being the move towards a cashless economy.

Continue reading Startup Watchlist: 9 Fintech Startups To Watch Out For In 2018