How long can Google Pay and PhonePe sustain slowing growth of UPI?

UPI’s popularity, adoption, and influence on digital transaction in India is the result of the government’s aggressive move to bring a unified payment railroad for mobile-based payments. Since its inception in early 2016, UPI has recorded remarkable growth, outpacing other modes of peer-to-peer-payments and engrossing a shift in peer-to-merchant payments.

Seven months before the demonetisation, NPCI conducted a pilot with 21 member banks to launch one of the most influential products in the payments industry and as a result, 142 banks have joined the UPI ecosystem since its formal launch.

The credit for initial growth in adoption by several banks already has been attributed to demonitisation. However, the next set of growth was fueled when venture capital-backed payments companies like Paytm, PhonePe and later on Google Pay joined the UPI stack.

These companies observed that UPI is the best medium to popularise digital fund transfer. They used the proven formula of cashbacks to make a shift towards using UPI over other fund transfer methods such as IMPS and NEFT.

PhonePe and BHIM were the early evangelist of UPI stack followed by Paytm, MobiKwik, Freecharge, and others. It’s worth noting that currently – Paytm, PhonePe and Google Pay collectively drive more than 90% of UPI transaction.

On the other hand, because of its sheer simplicity and easy UX for transfers, UPI faced no friction in attracting already internet-friendly users as well as new users ripe for adopting electronic fund transfer post demonitisation.

Comprehensive comparison of UPI growth since 2018

NPCI’s foolproof planning before opening up UPI to masses can be testified with the product’s quick acceptance across cities irrespective of size and economic conditions.

To understand the growth of UPI, let’s compare the figures for H1-2018 (Jan to June) with H2-2018 (July to Dec) and H1-2019 (Jan to June).

In January 2018, UPI transaction volume stood at 151.8 million with a total value of Rs 15,571.20 crore. It recorded a 63% spike in volume and 162% rise in the value of the transaction as of June 2018.

Similarly, we can see collective growth between July 2018 to December 2018, the increase in volume and value recorded at 163% and 123% respectively.

 

Further in January 2019, the volume figure was recorded at 672.75 million transactions while the value of these transactions peaked to Rs 1,09,932.43 crore. This saw a mere 12% hike in volume and 33% rise in value as June 2019 was recorded at about 754.54 million transactions worth Rs 1,46,566.35 crore.

So, H1 2018 saw 63% and 162% increase in volume and value respectively whereas H2 2018 registered 163% and 123% increase in volume and value. The figure gradually becomes stagnant in H1 2019 as UPI recorded 12% and 33% rise in volume and value respectively.

Not only UPI, other electronic payments systems such as NEFT, RTGS, IMPS also saw a spike in transaction volume. Meanwhile, UPI had achieved a milestone of executing close to 800 million transactions in March and clocked Rs 1.5 trillion worth transaction for the first time in May 2019.

After Paytm, Google Pay leads the pack in UPI ecosystem

Paytm was claiming pole position in the UPI ecosystem till February this year. However, Google Pay and Flipkart-owned PhonePe have been scoring lead over the Alibaba-backed company ever since.

In May, Google Pay had recorded 240 million transactions amounting to Rs 55,000 crore whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

The next set of plans for UPI is doubling down on merchant payments as these have continually increased in the past few months – 15% in April to 31% in June. About 240 million merchant payments were processed via UPI in June 2019. For perspective, this volume is almost equal to Google Pay’s overall UPI transactions.

Entrackr has sent queries to NPCI requesting UPI-based merchant payments data. However, we’re yet to hear from the corporation.

BHIM losing plot

While overall UPI and private players market share increased tremendously, government-regulated BHIM has been losing its luster and barely processes 2% transactions in UPI ecosystem. Below graph shows that BHIM has been stuck at 15 million transaction for the past 6 months.

 

Lack of focus, promotion and anti-cashback thesis seems to have choked BHIM’s growth.

Has UPI reached its saturation point?

The fate of BHIM lies in the hands of the government and a further push isn’t likely given the presence of deep-pocketed private players. Likewise, UPI has also seen ups and downs in 2019. In a nutshell, UPI’s average growth in the last six months has been flat (except March and April).

This is because these numbers are closely dependent on Paytm, Google Pay, and PhonePe. It’s anticipated that this growth will slow down even further and is even slated to take a dip as Paytm is shifting its focus on merchant-based incentives.

“We will not drive promotions on UPI payments anymore as we can see that the user base has plateaued at 50 million,” Vijay Shekhar Sharma, the Founder, and CEO of Paytm said in an interview two weeks.ago

This will trigger downfall in transaction volume as well as value from Paytm’s side.

On the other hand, it will be worthwhile to watch for how long Google Pay and PhonePe drive the growth of UPI by throwing money on cashback. It’s likely that the trend of cashback is not going to subside as Google Pay would want to maintain its momentum and PhonePe is in conversation to raise a mega-round.

If PhonePe gets the round at a valuation it wants, cashback war would even be more fierce.

Further, saturation of UPI market is more a myth than reality considering there is still a vast market potential given how a large part of the Indian population is still devoid of this facility. It might be so that most of the current urban population using these applications has been onboarded on UPI, but a large factor still remains an unpenetrated market.

It may be too early to ascertain UPI’s future trajectory but looking at the recent info on BHIM as well as UPI itself, there is a need for improvement and incoming of more private players. The debut of deep-pocketed players such as Amazon Pay, Mi Pay, and a mass rollout of WhatsApp Pay would definitely bring new momentum to the UPI ecosystem.

wallet

5 Ways That Innovative Companies Use Digital Wallets

Digital wallets are sweeping different industries from retail to technology and banking, and are seeing a rapid rise in consumer adoption. But what are wallet based payment systems?

A digital wallet or an e-payment service is either an online or mobile solution that lets individuals and companies conduct transactions electronically. 

It, first and foremost, offers convenience in transactions because there is no need for physical money to change hands. That is why eMarketer forecasts in a report that the number of mobile payment users will increase to 74.9 million in 2022. By that time, the transaction value of proximity mobile payments will also go up to $160.79 with a difference of $98.5 billion from the 2018 figure. 

But e-wallets are more than just convenient payment methods. There are other digital wallets advantages and disadvantages, too. In this post, we will discuss some of the pros of using this technology below, especially how innovative companies are using it in their operations. 

  1. To hasten on-site payment processing

Processing cash payments can be cumbersome. You have to wait for customers to fish money out of their wallets or purses and to count their change before they leave the counter. It can also be a bit of a problem when a purchaser hands you a large bill to pay for a small amount, leaving you with fewer bills in your cash drawer so you have to hunt for change when you face the next person in the queue. Either way, it takes up a lot of time, both yours and your consumers’. 

Fortunately, there is a resolution to your cash processing woes: digital wallets. According to The Pew Consumer Project, usage of mobile payments is growing steadily despite the fact that cash and plastic cards still rule. You can take advantage of this trend by making sure your business is ready to accept emerging technologies for payments. 

To that end, you can look at popular digital wallets examples and integrate them with your POS or ePOS. And since all people need to do is present their mobile wallet at the check-out register, you can receive their payments instantly and in less than a minute.  

  2. To provide customers with tough security

A digital payment does not require customers to provide their card details to merchants, which gives them the peace of mind that their financial information is secure. This is possible because, for every transaction, the digital wallet produces a unique and random string of numbers to provide to the business in lieu of the actual debit or credit card number. 

Moreover, a mobile payment gateway also would not store the actual account number on the user’s smartphone. This is on top of strong encryption and stringent security measures such as two-factor authentication and fingerprint lock. Not all products offer the same level of security, hence, browsing through various solutions in a B2B directory can help you pick which one fits your features and security requirements.

  3. To pay bills automatically

Settling utility bills and the like is time-consuming because you need to go to the biller’s office or payment center. And if you are busy with your operations, it is possible that you are unable to pay them on time. Or worse, forget to settle your dues and have a penalty charge heaped over your previous bill. 

You can avoid those dilemmas by configuring automatic payments to merchants, which you can do using your digital wallet. Since your credit cards are linked with the app, you can charge the transactions to your selected card easily. Not only is this convenient, but this also gives you a good amount of time before you have to pay for everything. 

As such, you do not have to bustle to find the cash that you need to pay your balances. 

  4. To avoid bad debt

When clients are incapable of paying for your products or services on time, it is possible that you run into some bad debt. You can avert this situation by configuring an e wallet payment system for your business. This means that your customers can pay on the spot and no longer make forgotten checks a reason to make you wait. What’s more, by letting your partners pay you using their smartphones, you can reduce the occurrences of chargebacks. 

Other than that, you can resolve your cash flow problems and pay your vendors on time. 

  5. To bundle with loyalty programs

Digital wallets are not just for accepting and making payments, however. You can also leverage them for your loyalty programs. Take a cue from Starbucks. Despite being limited for use in their stores, their digital payment solution trumps those of Google, Apple, and Samsung by linking it with their loyalty program. Other businesses are also experiencing a high rate of success in doing so, as eMarketer points out in an article about mobile and proximity payments. 

By using mobile wallets for this reason, you can make it easy for your customers to receive points even when they have lost, misplaced, or forgotten their actual loyalty cards. You can also leverage this technology by offering perks and discounts to patrons who use a certain payment method to facilitate adoption.

Making the move towards digital payments

Mobile payment adoption is increasing in the US alone and it is likely that it will rise globally in the coming years. Before then, you can set up your business for success by configuring your POS and ePOS to accept payments from different virtual wallets to provide customers with a faster and secure option. There are different ways to measure success in this regard but you can reach your objectives (or even go beyond them) with the help of the right tools. 

wallet

UPI merchant payments witness 15% rise in June

As more digital payment firms are working to provide a more easy way to accept merchant payment, it seems to have been contributing to rise in the share of merchant payments on Unified Payments Interface (UPI).

As per the latest report, merchant payments on UPI has grown 15% from April to 31% in June. Close to 240 million merchant payments were reported last month, said an ET report.

For payment firms, the rise of merchant transactions is a significant development as a number of instances for merchant payments is higher than p2p transactions.

As per Industry observers, this is at the initial stage and merchant payment has huge potential to get it developed into a large scale.

Of late, a couple of players in the space moved to merchant payments through offline acceptance point.

Last month, Paytm announced to invest money in offline merchant expansion, for which it claims to have high-frequency usage. It said to partner over 20 million kirana stores enabling them to accept the digital mode of payments including UPI, wallets and cards.

Whereas Flipkart-owned PhonePe, has also claimed to made headways towards offline merchant payments. It claims to have 5 million offline merchants.

Google Pay also partnered with Paypal to help a merchant accept payments online.

According to the last month report, Google-owned payments app had recorded 240 million UPI transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively. Whereas in merchants payments, it contributes between 10- 20% of the overall numbers.

In May, Paytm claimed to clocked over 70 million of the estimated 120 million UPI-based merchant transactions. With about a 10% MoM growth in this segment, it has claimed to have 60% of UPI-based merchant payments market share.

wallet

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 battlefield: Google Pay beats Paytm and PhonePe at both value and volume

Surpassing all records in terms of UPI transaction volume and Value, Google Pay has dethroned its arch-rivals Paytm and PhonePe to become the largest contributor of NPCI-owned unified payment railroad.

The Google-owned payments app has recorded 240 million transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

In the last three months, Google Pay has increased its adoption from 220-230 million monthly transactions to 240 million while PhonePe and Paytm have been gradually losing their marketshare.

In April, PhonePe recorded 258 million transactions, on the other hand, Google Pay and Paytm’s monthly UPI transaction stood between 230 million to 240 million.

Google Pay alone contributed over 32% in overall 733 million UPI transactions happened in May. Combinedly, these top three apps along with government-promoted BHIM count 93% of the UPI transactions market.

This is a big achievement for any offshore company that has achieved a user base of 45 million within 18 months of launch and fighting against incumbents like Alibaba-backed Paytm and Flipkart-owned PhonePe.

Currently, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie or event tickets, including trading, and investments. Besides, the firm has also forayed into wealth management space and collaborated with Pine Labs to boost its offline transaction.

Apart from peer-to-peer transaction, the firm is looking to compete PhonePe in terms of merchant payments that only contribute between 10% and 20% of the overall numbers.

In coming months, WhatsApp may launch its UPI-based payments service – WhatsApp Pay in India. With two overseas behemoths in UPI ecosystem, it would become more difficult for Paytm and PhonePe to compete against them.

wallet

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.

Source : https://entrackr.com/2019/06/google-pay-paytm-phonepe-upi-transaction-share/

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.

wallet

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.

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

PhonePe seeks $8 billion value with $1 billion fund-raise

After Flipkart’s board gave approval to hive off PhonePe, paving the way for a solo fund-raise, the payments platform is in talks to raise about $1 billion from marquee investors like China’s Tencent and Tiger Global, three people aware of the development said.

Tencent and Tiger Global had backed Flipkart, which acquired PhonePe three years ago. However, the outcome of the talks would depend on the valuation at which these investors are willing to put money in the firm. PhonePe is looking at a valuation of at least $7-8 billion and will not take transaction forward at a lower level.

“Valuation can make or break these talks. PhonePe is in discussions with Tencent as it could leverage a strategic investor willing to back it for the long-term, especially to fight well capitalised Paytm,” a person aware of the discussions said. This person added it could take another two-three months for the investments talks to close formally.

For Walmart, which would remain a large shareholder in the case of new investors coming on-board, PhonePe’s valuation will be crucial since it bought a 77% stake in Flipkart for $16 billion, at a steep valuation of $22 billion. “Board will have to approve PhonePe’s valuation for the independent fund-raise,” the person mentioned above added.

This is not the first time PhonePe has explored independent funding as Nigam-led PhonePe had held talks for investments from strategic players like PayPal in 2017. Back then, too, valuation emerged as a deal-breaker and those talks did not result in an investment. However, the discussions with the new investors are more realistic to come through, sources added.

A PhonePe spokesperson did not respond to an email query by TOI. Tiger Global and Tencent did not respond to TOI’s queries either.

PhonePe, before Walmart acquired Flipkart, got a capital commitment of $500 million in late 2017. Little over half of this capital has been pumped into PhonePe, sources added.

While PhonePe has access to the rest of the capital pool committed by parent Flipkart, it needs new funds to feed its high-spend expansion spree that started in the past few months.

PhonePe has got well-capitalised rivals such as SoftBank and Alibaba-backed Paytm, Google Pay, which are fighting for local payments market. Impending entry of WhatsApp could put further pressure on PhonePe and its rivals. A person aware of the matter said PhonePe’s annual spend for 2019 is said to be in the range of $150-170 million. Its rival Paytm too is stitching up a deal that could see it raising $1-2 billion.

As PhonePe plans to continue its offline payments network expansion and enter new business-like wealth management and lending, it will be crucial that it has adequate capital to spend on existing and new businesses.

Nepal bans Alipay, WeChat Pay

Kathmandu: Nepal‘s central bank has banned popular Chinese digital wallets Alipay and WeChat, an official said Tuesday, fearing loss of foreign currency earnings from thousands of Chinese tourists that visit the country. Nepal Rastra Bank issued a notice on Monday, banning the use of the Chinese digital payment platforms popularly used in hotels, restaurants and shops in tourist areas, especially in Chinese-run businesses.

Laxmi Prapanna Niroula, spokesman for Nepal’s central bank said that using the platforms in the country was illegal without the bank’s authorisation.

“We have enforced a ban on Alipay and WeChat Pay because the country is losing foreign currency earnings through its usage. Action will be taken if anyone is found using the platforms,” Niroula told AFP.

Niroula said currently there is no record of how many transactions have taken place through the platforms as they are not recorded in Nepal.

Alipay, started by e-commerce giant Alibaba and owned by its affiliate Ant Financial, and WeChat Pay, built into Tencent’s popular messaging service, have hundreds of millions of users between them and are China’s dominant payment platforms.

Over 150,000 Chinese tourists visited Nepal last year, helping it reach a landmark of welcoming over a million tourists for the first time.

Tourism is a major revenue earner for impoverished Nepal, home to eight of the world’s 14 peaks over 8,000 metres.

Tourism contributed 7.8 percent to Nepal’s GDP in 2017, creating over a million jobs, according to the World Travel and Tourism Council.

wallet

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.

Source: https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/nepal-bans-alipay-wechat-pay/69444581

Mobile wallet transaction volumes 12% rise in March

After five months of an interval, mobile wallet-based transactions have witnessed a slight rise in March this year.

About 384.89 million transactions worth Rs 15,999 crore were recorded in March, which is an increase of 19% in transactions volume from last September and 11.55% from the preceding month, as per RBI data.

Around 324.16 million transactions amounting to Rs 15,102 crore took place in September. In February, close to 345 million transactions worth Rs 14,279 crore took place.

The rise is attributed to the year-end occurrence when the volume of transactions rises. India has seen a spurt in digital transactions since November 2016, when the government announced demonetisation of all Rs 500 and Rs 1000 banknotes.

In 2018-19, as per RBI, there has been 30% Year-on-Year jump in value and 37% growth in the volume of transactions in compared to 2017-18.

In September last year, mobile wallets witnessed most of the decline after the SC ruling on Aadhaar. The apex court barred private entities to use Aadhaar for electronic know your customer (e-KYC) to sign up a new customer.

This led to about 6-time rise in customer verification cost for mobile wallets.  This raised big concern over their completion of customer verification.

In October, despite the SC ruling, mobile wallets recorded around 368.45 Mn transactions amounting to Rs 18,786 Cr.

Transactions through mobile wallets fell in November as mobile wallet companies had to stop using Aadhaar for electronic know your customer (e-KYC) to enrol new customers.

Meanwhile, RBI had asked mobile wallets to complete the process by end of February 2019.

However, during the same period, UPI, which was launched in August 2016, witnessed sustain increase in transactions.

It hit a record high of 799.54 million transactions, 93K more transactions than when it was launched, worth Rs 1.33 trillion in March.

wallet script - rpay

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

Source : https://entrackr.com/2019/05/mobile-wallet-transactions-rise-in-march/

Government to make QR code-based payment option compulsory for shops

Digital Payment

To promote digital payment at a wide scale, the Indian government is planning to mandate a quick response (QR) code based payment method option using Unified Payments Interface (UPI) at all shops.

The GST council has already given a go-ahead to the proposal. The govt has for the project roped in NPCI to work on a necessary mechanism to launch it nationally.

The move will also provide GST benefit to both shops and consumers, according to govt official quoted by TOI report.

The prime idea behind the proposal of mandatory QR code-based payment is to make digital payment more popular and bring a behavioral change in the ecosystem. The advantages of QR code payment are, it allows a consumer to buy goods and services without the need to swipe plastic cards.

The process also records necessary information related to the transactions. Data loss and security breach are minimized. The QR code may also be introduced on invoices, added the sources.

In terms of mobile payment in the world, China has emerged as a leader. Chinese payment firms such as Wechat and Alipay widely use this mode payment. In China, it has beenreportedly used while tipping at restaurants, receive cash gifts at weddings and collecting alms by beggars.

This is largely driven by the large adoption of mobile payments. It has changed the social habits of the country. Many countries like Singapore and Myanmar in the world are fastly adopting this mode of digital payment.

The QR code payment is reported to have witnessed exponential growth in consumer adoption in ASEAN countries.

Developed by Denso Wave in Japan, QR code is said to store over 4000 alphanumeric characters. Initially, it was used for tracking components in the automotive industry.

It is cost effective in comparison to POS machine and mPOS machine costs. As per an estimate, it costs about $1 to put up a laminated QR code sign at a shop.

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/2019/05/govt-qr-code-based-payment-must/

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.

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-upi-transaction-march/