Google Pay Goes Past PhonePe With 67Mn Monthly Users
Two years after debuting in Republic of india, Google's digital payment platform, Google Pay, has outpaced PhonePe to striking 67 million monthly active users (MAUs) in the country. The Flipkart-backed app is one of the biggest payments platforms in India with 55 one thousand thousand reported MAUs in June. Speaking at the fifth edition of the 'Google for India' event on Thursday, Ambarish Kenghe, the director or product direction at Google Pay, claimed UPI transactions on the platform grew from 17 1000000 in August 2017 to 918 million in August 2019.
He farther said that the number of users grew three times in the past 12 months solitary. "In the final 12 months solitary, Google Pay has grown 3X to accomplish to 67 million monthly active users, driving transactions worth over $110 billion on an annualized footing, with hundreds of thousands of offline and online merchants", he said. "The biggest story in India's booming Cyberspace economy has been the rise of digital payments. With BHIM UPI crossing 900 1000000 payments last calendar month, India is setting the global standard on how to digitize payments", he added.
Co-ordinate to a new report by the Reserve Bank of India (RBI), retail electronic payment transactions in the country grew by more than than 50 percent CAGR in volume over the past four years, with the growth in 2018-19 largely attributed to the steep increase in the number of UPI payments.
However, with Google Pay usage largely restricted to end-consumers thus far, Google launched a new app called Google Pay for Business organization that the company says volition expand the adoption of digital payments by merchants. Co-ordinate to Kenghe, the app will offer "a free and easy style for modest and medium-sized merchants to enable digital payments without the hassle of time-consuming on-boarding and verification process".
You can read more details about Google Pay for Business organisation by going through our detailed article on the subject area.
With inputs from IANS
Source: https://beebom.com/googlge-pay-phonepe-mau/
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