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.

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

Tencent is launching UPI-powered payments app WeChat Pay in India

Ever since its launch in April 2016, Unified Payment Interface (UPI) has been growing quickly and reached a milestone of Rs 1 trillion worth monthly transactions in December 2018. Sensing the opportunity in digital payments space, several global behemoths including Google, Amazon, WhatsApp and Xiaomi jumped to UPI bandwagon.

Following the footprints of above four global behemoths, Tencent-owned WeChat is also launching a UPI-enabled separate app for payments.

“Senior officials of Tencent comprising of Chinese as well as Indians met National Payment Corporation of India (NPCI) executives three weeks ago for obtaining a licence for full-fledged payments app,” said two sources inside NPCI on condition of anonymity.

Like Google Pay, it would operate only under UPI ecosystem. Sources emphasised that the app is likely to be named as it’s in China – WeChat Pay. “Tencent already had partnered with three banks – Axis Bank, HDFC and ICICI. It wants to have its own UPI handle (@wechat),” outlined sources.

The app would be launched by the end of May-June. “The company is registering an Indian entity for WeChat Pay,” outlined one of the internal sources at Tencent India.

In China, Tencent’s WeChat Pay is the second most popular payments app after Alipay. Last year it crossed more active users than Alipay’s 520 million in early 2018. While popularity of Ten Pay is largely driven by WeChat’s 1 billion plus DAUs, it’s not the case in India. Despite trying hard and spending hundreds of millions, Tencent failed to gain significant traction for WeChat.

Tencent’s plan to launch an UPI-powered payments app in India has come at a time when its game PUBG has been gaining quick popularity in the country. Since PUBG offers several in-app items for purchases, it could use WeChat Pay as by default payments option locally.

With the entry of Amazon and Xiaomi, the UPI ecosystem has become overcrowded and also turned hyper-competitive for incumbents like Paytm, PhonePe and Google Pay. Given that RIL-owned Jio and WeChat are also joining the UPI ecosystem, the battle for digital payments would be more fierce as well as expensive.

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Are digital payment methods replacing money in our humanity?

The inclination for cashless payments offline and one-contact payments online is changing the internet business scene. Purchasers need to have the capacity to pay whenever, anyplace and with least issue. Versatile wallet innovation is a main thrust behind this change as it enables purchasers to utilize their cell phones to make buys in a hurry utilizing Near-Field Communication (NFC) Technology.

As far as digital payment solutions, however, and as in each circle of innovation, purchasers expect continually progressively “canny” payment solutions. That is, omnipresent methods for paying for merchandise and enterprises that are speedier, less demanding, versatile and, most importantly, secure.

Top digital payment methods

Apple Pay

With 87 million clients worldwide starting at 2017 there’s no denying that Apple Pay is driving the path in digital payment innovation. In this exceedingly competitive scene, Apple keeps on furnishing clients with what they want: a sheltered, brisk and simple approach to pay on the web and in a developing number of in-store areas.

Apple Pay is a type of mobile wallet innovation that enables a purchaser to make buys in physical shops, on the web and in-application, all without rounding out extensive structures and payment data. As usual, Apple gives the market what it needs. A streamlined, simple arrangement acknowledged in actually a huge number of areas (both physical and advanced) in the UK.

PayPal

PayPal is another commonly recognized name that any online customer or web based business entrepreneur alike would perceive.

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