Google Pay is one of that application which has grown rapidly in India. It is one of those services the American giant offers in India. It has managed to grab the audience and it is one of the most popular payments apps in India. Google Pay was recently rebranded as it was previously known as Tez. It was then named as Google Pay and its popularity has only increased. The application is UPI approved and works on the lines of BHIM but offers many other services like Recharge, Movie Tickets, Electricity bills and much more.
Google Pay has also grown immensely in the last year or so. It was first released as Tez in 2017 and since has gone under a name change. In 18 months Google Pay has reached tier 3 and 4 cities of India. It is finding it easy to make a mark alongside some rivals. As of January 2019, Google Pay had around 220 million transactions to its name, only fewer than Paytm which led the race with 221 million transactions. A total of 671.19 million transactions were clocked by Flipkart’s PhonePe, Google’s Google Pay and Ant Financial backed Paytm.
This increase in the use of a digital mode of money transfers has allowed these applications to be at the helm of everything. These apps are managing to co-exist which is a surprise. However, Google is looking to engage the remaining 1 billion people of India with the internet. This will take a lot of doing but Google might just pull it off.
The next step, however, for Google Pay is to look after the small businesses known as Kirana stores in India. These Kirana stores are basically grocery stores which look after small neighborhoods. Google Pay is introducing a way to pay these vendors without the internet. A Google Pay user can pay these vendors without even touching their phone. This is possible with a certain change.
To avail of this service, users will have to follow a certain procedure. At the billing counter, users will need to provide their phone number, after this, they will receive a collect request on the Google Pay app. Following this, the users will need to provide their UPI pin and the payment will go through. There are certain sources, talking to ET which have confirmed the use of the beta model of this feature. There are some test runs going on and this function will be available for everyone in a few months from now.
Google is targeting the small audience means that it is trying to hit the nail on its head. India is a huge market and it is still not squeezed properly. Google might want to be the first one to do it.