Google is one of those companies which believes in something and then does it regardless of the consequences. It is a world leader in the world of tech and there is no denying that. The company has been inventing, reinventing and making our lives easier by the day. There are many things around the world which wouldn’t have been the way they are if it was not for Google and its services.
That being said, Google Pay is another such thing which is extremely important in the daily lives of people in India. Although it is yet to hit the potential it has and the internet is not necessary everywhere in the country but Google Pay is one of the most successful payments app in India. It has accepted UPI as its common interface and that has helped people to trust the application. The application in itself is smooth but there is something that was lacking and Google is trying to fix that.
Paytm is the leader in the payments app world of India. It is something which allows some features which are unique to the app. That said, Google is working towards applying offline payments for Google Pay. To move towards that the company is looking to partner with Pine Labs, a company that is an expert in digital payments solutions.
That said, Google Pay is already testing the beta version of the same. It is trying out it in the grocery stores and the first one to enter this space was Paytm with its QR codes. The company took hold of the market post demonetization in 2016. That said, Flipkart-owned PhonePe and Google Pay are also looking to do the same. Currently, both the apps work on UPI’s QR code.
Pine Labs, however, has a huge user base. It has different sectors of businesses who use its services and apart from that it is used in over three thousand towns in the country. Some of its major sectors are pharmacy, telecom, food & beverages along with airlines as well. That said, the company is looking to use this user base of Pine Labs to enter deeper into India and as well as use their expertise.
Google Pay is betting big in India as the digital payments market is going to be huge in the country. It is going to reach around $700 billion in the year 2022 and that number is just outstanding. The payments apps are just co-existing at the moment and that is because of the huge market. Only 10% of the Indians use digital payments and the country has around 1.3 billion people. That is 1.28 billion potential customers. It is only logical to expand and use this opportunity to be one of the biggest in the country.