Unified Payment Interface allows users to pay under different payment service providers, including Google Pay, PhonePe, and other third-party services. They use NPCI as a port to switch or connect between banks and transfer money.
Among the UPI payment services, Google Pay has been widely used in India. As a result, there are more Google Pay users in India. Now, Not only in India, globally Google Pay has got welcome enough. Even recent news confirms that Google Pay Users in the US can transfer a complete amount to Google Pay users in India and Singapore. (Detailed news inside)
Let us get into the article to know more about Google Pay users and their share in the current UPI world.
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Google Pay Users In India
In June 2021, UPI providers in India recorded around 2.8 billion digital payment transactions worth over 5 trillion in Indian Rupees. Out of the 2.8 billion transactions, Walmart subsidiary PhonePe registers around 46 percent, and Google Pay registers approximately 35 percent.
Continuously, PhonePe has captured the first place that seems to be the seventh month in a row. Before December 2020, GooglePay ranks top in the list. The third big player will be Paytm, with a nearly 12 percent share.
Google Pay has 150 billion active users monthly. According to the Indian Payments Handbook, more than half of the total digital transactions take place within the next four fiscal years. UPI has an outstanding market share of 17 percent from 2018 to 2019. And, it has been expected to grow by 59 percent in the year 2024 to 2025.
Future Endeavors of Google Play
As Google Play continues to be second in the top UPI service providers, it has taken measures to capture its place in the next quarter. Though the revenue has been constant enough, beating and standing at the top makes value to the Internet search giant, Google.
Google Pay India Can Now Open Digital Fixed Deposits
Recently, Google Pay has teamed up with a popular Fintech Company, Setu, to let its users open a fixed deposit in its platform. On Google Pay, the Fixed deposits will be offered for a period of one year with a maximum interest rate of 6.35 percent. (source)
As the initial phase, the functionality is available for Google Pay users who have already accessed the app from Android mobiles. The development has been first reported by Mashable. It hints that Google Play will initially offer Equitas Small Finance Bank’s DF to the users for one year.
Continuing it, other banks, including Ujjivan Small Finance Bank and AU Small Finance Bank, will join the list soon.
Google Pay allows users in the US to send money to India and Singapore
Google Pay users in India and Singapore can now receive money from the US through Google Pay. The search giant has expanded its features to include the remittance services through which the industry can see $700 billion worth of payments annually.
Google has also partnered with Western Union and Wise. Through this partnership, Google Pay allows its users in the US to send money directly to India and Singapore. While sending, they can choose either one of the options from Western Union or Wise. (source)
Purchase Crypto through Coinbase Via Google Pay
Investors of the popular cryptocurrency exchanges can now buy bitcoin, Ethereum, and other cryptocurrencies through Apple Pay accounts with Google pay integration.
Though it is not live yet, you can expect the possibilities in the upcoming months. The American crypto exchange has been expanding cautiously to bind the conventional banking system. It is the cutting edge one for future endeavors.
Added, Coinbase is also speeding up the conversion of cashouts to the Real tine payments network. It is almost instantaneous. Now, in the “apple pay” option, you will be rolled out to all users. You can just add the card to your Apple Wallet, and the payment option will be visible.
With this, the users can purchase bitcoin, Ethereum, and other cryptocurrencies via GooglePay, Mastercard, or visa cards. It is also an indirect nod from Apple and Google. It helps them to dip their toe into the crypto market. It helps in boosting their dominance. As the users have been using in 20 countries, cryptocurrencies will become a major hit in the future.
As Coinbase simplifies the cashouts and makes it flexible, Apple Pay and Google Pay have become the medium to do so. The company revealed that instant cashouts would get processed through Real-time payments making it simultaneous.
Through the RTP network, you can transfer funds for upto five days. The new transfer protocol can enable unlimited cashouts in a day. (source)
Are you a Google Pay user? Of course, most of yes would be! Now, you might become a detailed user of Google Pay. Know the difference and are entitled to know more about other services you use.