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/

Google Pay is ahead of Paytm and PhonePe in UPI transaction value

Grabbing the lion’s share of UPI transaction has become imperative and priority for Paytm, PhonePe, Google Pay, BHIM and other UPI-enabled payments apps.

While government-promoted BHIM has not been able to take off, private players have grabbed the opportunity with freebies, discounts, and other luring features to gather more UPI transactions on their platform.

Early adopters like PhonePe and Paytm have been maintaining their mojo until tech giant’s Google UPI app – Google Pay silently started to eat up their market share with a new avatar (previously, it was known as Tez).

Up from 25 million monthly active users in September 2018 to 45 million monthly active users in March 2019, Google Pay is now neck to neck with Paytm and PhonePe’s volume with around 225 million UPI transaction.

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

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

An ET report also added that PhonePe is marginally ahead of Paytm in terms of the value of transactions.

This essentially means Google Pay is quite close to Paytm in terms of volume and way ahead of the Alibaba-backed company in terms of value.

Google in its official statement also said that it hit $81 billion (or Rs 5.7 lakh crore) annualised transaction run-rate in March.

In terms of average transaction value, Google Pay’s ATV is higher by 50 per cent compared to PhonePe and Paytm. According to recent data revealed by BharatPe, Google’s Pay ATV hovers around $4.6 while PhonePe and Paytm recorded their ATV as $2.6 and $2.4 respectively.

Till date, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie/event tickets, and even trading and investments. To gather more users, the tech giant is reportedly spending $12-15 million on a monthly basis.

Apart from P2P transfer and retail payments, Google Pay is also targeting its arch rivals through wealth management products like digital gold buying. It may enter into a full stack wealth management business and integrate other payments use cases to drive more transactions and build loyalty amongst customers.

Of late, Google has partnered with Pine Labs to boost its offline transaction where PhonePe is the market leader. The collaboration with Pine Labs will give access to over 3,30,000 point-of-sale terminals in over 3000 towns.

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Source : https://entrackr.com/2019/04/google-pay-upi-transaction-march/

Xiaomi launches UPI-powered Mi Pay in beta

Unified Payment Interface

Unified Payment Interface (UPI) has turned out to be a battleground for global and local heavyweights. Besides Paytm, Google, PhonePe, TrueCaller and MobiKwik, likes of WhatsApp, Jio, Amazon among several others want a slice of fledgling digital payments market that set to grow to $1 trillion by 2023.

Xiaomi (Mi)

Xiaomi is no exception. Joining the league of aforementioned firms, smartphone brand Xiaomi is also tapping into consumer payment space in India with UPI. The company is getting closer to launch Mi Pay for masses as it received approval from NPCI.

Currently, Xiaomi is testing Mi Pay in beta (link) with ICICI and PayU. “NPCI has cleared Mi Pay for large group usage, due to which its beta testing is going live, and soon it will be available for all MIUI users,” mentioned a community post in Mi forum.

National Payments Corporation of India (NPCI)

Unlike WhatsApp (restricted to one million users), NPCI has given nod to Xiaomi for large group usage. Mi Pay will let users transfer fund, execute payments for several use cases including bill/recharge, water, and electricity bill using UPI framework.

It’s worth noting that Xiaomi is also planning to launch NBFC ‘Xiaomi Financial Services India’ and seeking RBI licence for it. The company also leveraged its investee KrazyBee to launch micro-lending platform – CreditBee.

UPI has been growing at a fast pace ever since its launch in November 2016. Last month, NPCI-owned digital payments railroad had crossed 500 million transactionmark.

At present, Paytm dominates the UPI ecosystem followed by PhonePe and Google Pay. In October, the SoftBank-backed firm had claimed 37 per cent of overall UPI transaction.

Meanwhile, Jio is also awaiting approval from NPCI for UPI service. Its entry along with WhatsApp will heat up competition in the segment.

With several behemoths have been competing in UPI ecosystem while some are awaiting regulator clearance, the road for Mi Pay won’t be smooth. Going forward, it would be interesting to watch how stalwarts fight for supremacy in the digital payments landscape.

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Source : https://entrackr.com/2018/12/xiaomi-upi-mi-pay/