Google Pay continues lead over Paytm and PhonePe in UPI transaction value

Google’s UPI-based payment app Google Pay has witnessed a remarkable growth ever since its launch in 2017 in India. In about 20 months, it has achieved a stellar growth giving its main rivals PhonePe and Paytm a run for their money.

According to transaction data of April, Google Pay did transactions worth Rs 49,700 crore way more than its competitors PhonePe and Paytm. PhonePe was at second number with a transaction value of Rs 42,610 crore whereas Paytm registered transactions worth Rs 35,500 crore.

All three together accounted for about 90% of the Rs 1.42 lakh crore worth transactionsreported last month. Govt-backed BHIM accounted for merely 15 million transactions worth Rs 6,600 crore during the same period.

This is almost 14% rise in Google Pay transactions in comparison to transactions value in March, as per Bloomberg report.

Interestingly, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March. Both PhonePe and Paytm are said to have done transactions worth Rs 31,000-32,000 crore each.

However, in terms of volume of transaction, PhonePe leads with 258 million transactions. Google Pay and Paytm are estimated to do transaction between 230 million to 240 million.

As per the last figure provided by Google Pay in March, it has about the user base of 45 million. PhonePe and Paytm have not revealed their exact user base. Earlier, in a tweet, Paytm founder Vijay Shekhar Sharma said there are about 94 million KYC wallets and 371 million total users on its platform.

Meanwhile, the actual numbers of active users and transactions volume are still unknown.

As per observers in the payment space, Google Pay chat enabled payment service is easy to use. And its promotional and cashback offerings have helped it attract more users in very less time.

Currently, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie or event tickets, including trading, and investments.

It has also been testing new products in wealth management space and collaborated with Pine Labs to boost its offline transaction.

As per Sensor Tower data, Google Pay had claimed a top slot in terms of downloads recorded by fintech apps globally. It was downloaded over 327 million times, with over 6X lead from second most downloaded fintech app.

In the last few months, global payer like Amazon has also been betting big to get major share in India payment space. With reports of WhatsApp Pay to be launched in about in next two months, the payment space in the country is poised to witness a dynamic change.

Who will be at forefront or winners in this payment battle, is a matter worth observing.

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Source: https://entrackr.com/2019/05/google-pay-lead-phonepe-paytm/

Major ways that Block chain will change the world we live in

Everything has a digital identity

Character the executives lies at the center of blockchain’s capability to change the products and services we offer our clients, and how our clients interface with us. Ensured by blockchain’s impervious security, physical resources become advanced resources; documentation is digitized; individuals have secure computerized IDs; and information ends up accessible to all blockchain members. By joining these dabs and utilizing strategies like AI and computerization, governments and firms alike can quickly and responsively designate their administrations where they will be utilized generally productively.

An inclusive ecosystem

An amazing 19% of India’s populace is unbanked or monetarily rejected, as per an ASSOCHAM and EY contemplate – and this isn’t an issue one of a kind to India. At the core of the issue lies this current section’s absence of documentation – yet government-drove blockchain activities can settle this by furnishing residents with secures advanced IDs. From this, they’ll have the capacity to get to banking administrations, dispatch cash home, and attempt online exchanges. That is possibly another 1 billion individuals progressing web based, having been beforehand monetarily prohibited, and this must definitely be a standout amongst the most valuable parts of blockchain.

Urban communities smarten up

By connecting computerized IDs to taxpayer driven organizations, brilliant city activities bring blockchain into sharp core interest. This can possibly upgrade the manner in which those urban occupants get to open administrations and utilities, the manner in which that they travel through the city, and the plan itself of their living surroundings. By making a circulated record of IDs, resources and contracts, there’s very little in urban life that can’t be decidedly affected – everything from traffic to land to items on racks can possibly be effectively overseen by, for example, joining utilization information with variable evaluating to enhance the distribution of open and private assets. Envision, for example, having the capacity to call up a self-governing vehicle, and teach it to take the course that best weds your requirement for speed with your eagerness to pay for a quicker course. It can evade development; course itself around blockage, charge tolls straightforwardly back to you… And it’s most likely far and away superior at stopping than you are.

Fast, secure settlement

In spite of the fact that it’s an open record, blockchain’s encryption levels and conventions make it very secure. Working couple with this upgraded security, payment passages will almost certainly use AI to hail fake conduct over the system, protecting the two dealers and their clients. Also, blockchain will almost certainly significantly diminish the time it takes to send payments abroad – from days to seconds. This blend of speed and security stands to settle on blockchain the channel of decision for the exchange of significant worth, where promptness matters.

Buyers demand more

Blockchain is something of a riddle to the man in the city – and most other individuals other than. In any case, by being forced to bear the mechanical progressions that blockchain stands to bring, purchasers will probably search out and embrace innovative advancements themselves – they’re being habituated to great tech. What’s more, this has clear advantages for divisions, for example, online business: it helps trust in, and appropriation of, online trade and digital payments. City-or across the nation activities, for example, brilliant urban areas, utilizing advances, for example, blockchain, help change purchaser desires – and encourage a situation of development. On the vendor’s side, this implies they will progressively need to search out innovation partners that can join the dabs over the innovation biological system for them, and to furnish them with access to the advancements that their very own clients progressively request.

World is going faster day by day with the power of digital information & technology. The world is varying – more and more services are being made available online, from booking train tickets, making a doctor’s appointment and doing the weekly shop to further education, promoting your business and online banking.

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As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

UPI recorded close to 800 Mn transaction in March

UPI Interface

NPCI-owned payments railroad UPI has achieved a new milestone in March. The unified payments interface recorded almost 800 million (799.54 Mn) transaction amounting to Rs 1,33,460.72 in last month. It was an 18 per cent hike in transaction volume and over 25 per cent rise in transaction value.

In February (28 days), UPI registered 674.19 million transactions worth Rs 1,06,737.12 crore. In terms of transaction value, it was one of the highest leaps for UPI where it crossed Rs 1.3 trillion figure.

BHIM

@NPCI_BHIM

Cashless transactions have now become simpler and convenient thanks to BHIM UPI. @dilipasbe

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See BHIM’s other Tweets

Meanwhile, NPCI-regulated inter-bank electronic funds transfer system (IMPS) has once again become the hottest option chosen for fund transfer. The instant payment feature recorded 190.18 million transactions worth Rs 1,76,288.88 crore.

In February, IMPS registered  166.37 million transactions amounting to 1,49,342.60 crore.

The growth in UPI transactions has come on the back of faster adoption in UPI-based payments apps such as government promoted BHIM and private players like Paytm, Google Pay, Phonepe and others.

While BHIM continued to struggle for the past 3-4 months, Google Pay and PhonePe have grabbed the opportunity to compete against the market leader – Paytm.

For instance, Paytm reportedly clocked 221 million transaction volume in January followed by PhonePe and Google Pay that recorded about 220 million UPI transaction each.

Recently, Google Pay has also revealed that it achieved 45 million monthly active userslandmark and hit $81 billion annualised transaction run rate in March.

Apart from the aforementioned entities, there are 139 banks live on UPI platform.

Over the past year, domestic and global players have been throwing their hat in the fray to taste the success of UPI in India. Of late, Xiaomi and Amazon have launched their UPI-powered payment feature in India, on the other hand, Reliance Jio and Tencent-owned WeChat are also in the pipeline to launch it soon.

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Source : https://entrackr.com/2019/04/upi-800-mn-transaction-march/

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

Trending digital payment methods

Mobile In-Store Payments & Apps

The improvement and utilization of portable POS alternatives will increment exponentially as the interest and use of cell phones develops. A couple of certainties about smart phone use:

Almost 90 percent of twenty to thirty year olds today claim and are in close contact with their cell phones for the duration of the day.

Shoppers are as of now making over $4 billion worth of buys from their cell phones. Analysts foresee that the numbers will reach $34 billion in only a couple of years.

In an ongoing report, 56 percent of buyers said they would utilize their cell phones as a payment method in the event that it was a simple alternative.

Continue reading Trending digital payment methods