Google Pay has become extremely popular in recent times. The company has managed to gain a lot of users and there is no certain reason for it. The fact that it was in everyone’s phone because of the scratch card revolution also helps its cause. It was widely used then as it was one of the first ever apps to use the Unified Payments Interface developed by the RBI-based NPCI.
Google Pay has come a long way since. It was named Tez back then but now it is named as Google Pay which is one of the most exploited UPI based applications in the country. A recent report released by payments gateway company Razorpay showed that Google Pay is the most used medium on its platform.
The preferred mode of digital transaction in India still remains to be cards, digital payments come faraway second on Razorpay’s platform. The company has provided a factsheet which tells us the exact numbers for the same. Card payments still take care of more than 57% of the transactions while UPI accounts for 17% and still comes second. The wallet usage has drastically dropped to less than 2% from the previous year which was around 6% during the previous financial year.
That being said, the 17% of UPI payments is done through various applications such as Google Pay, PhonePe, Paytm and BHIM which stands for Bharat Interface for Money. Google Pay accounts for 54% of the UPI transactions while Paytm and PhonePe struggle to gather the users. PhonePe has around 11.9% while Paytm accounts for 9.7% and BHIM accounting just for 4.1%.
The categories in which the 42% is used by people who want to travel while 17% of the money transferred is for utilities and 16% of the transactions happen for e-commerce. This report summarizes how Google Pay is at the top right now. There are very fewer platforms dominating in a market that is predicted to reach around $1 trillion by the time we hit 2023.
This is how big the market it. Apparently, there are only four notable players in this market which are having the majority share of this market. There are many players coming but these players will have a stronghold in the future. It will be hard to dominate while these players exist in a market that is so huge and based on the basis of trust of the users.
Only time will tell how the market fares to be in the future but Google Pay for now is winning without a doubt.