Google Pay most downloaded fintech app in 2018 globally, recorded 6X more install than PhonePe

Google Pay is the most popular digital payment app in the country. The Google-owned app was most overall downloaded fintech app last year as per Sensor Tower data. It was downloaded over 327 million times, with over 6X lead from second most downloaded fintech app.

PhonePe, at the second spot, got about 49 million installs. It’s worth noting that Paytm has been the most popular payments app. However, owing to Paytm Mall, Sensor Tower and Similarweb consider it in the shopping category, not in payments.

Both the apps (Google Pay and PhonePe) were also top most downloaded fintech apps on Google Play Store worldwide. They were followed by Alipay, Paypal, and Cash Back. The National Payment Corporation of India (NPCI) developed BHIM was at the eighth position on overall download and fifth on Google Play.

Google Pay sensor Tower

Google Pay has in last one year witnessed a phenomenal growth in terms of a number of active users. From 25 million monthly active users (MAU) in September last year to 45 million MAU by March 2019, it has added the most number of users in the period.

In terms of UPI transactions, Google Pay has left behind its close competitors such as Phone Pe and Paytm.

In March, out of total UPI recorded transactions 800 million worth Rs 1,33,460,72 crore, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore. Whereas its rivals did transactions worth below Rs 32,000 crore.

Google Pay’s average transaction value (ATV) is higher by 50 % compared to PhonePe and Paytm.

Google-owned firm has become a preferred app for merchants. As per a report by Razorpay, Google Pay accounted for 54% of merchant transactions, which is 8 percent lesser than last year figure, on its platform.

Meanwhile, Similar Web Data also had almost similar ranking for fintech apps downloaded on Google Play Store. Google Pay and Phone Pe were top fintech apps. BHIM was at ninth place.

The rapid growth of private players has made a huge dent on government-regulated BHIM. In the last two years, the BHIM app has lost its market share. It processed about 1.9% of all UPI transactions and accounted for 4.6% of the amount transacted in April. The number of transactions on the BHIM UPI app was 15.2 million for the month of April.

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Source : https://entrackr.com/2019/05/google-pay-most-downloaded-fintech-app/

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/

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.

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