In its fifth edition of its annual ‘Google for India‘ event on Thursday, the tech giant said that users of Google Pay have tripled in the last three months.
Flipkart-backed PhonePe reported 55 million monthly active users in the country in the past.
“The biggest story of India’s fast growing Internet economy has been the growth of digital payments. With BHIM UPI surpassing 900 million payments last month, India is setting the global standard for digitalizing payments,” Ambareesh Kenge , Director, Product Management, Google Pay said in a statement.
Kenge said, “In the past 12 months, Google Pay has increased driving with transactions to hundreds of offline and online merchants, with more than $ 110 billion in transactions on an annual basis, to deliver 3X to 67 million monthly active users. . ”
According to a recent report by the Reserve Bank of India (RBI), India has registered an accelerated growth rate of more than 50 percent in the volume of retail electronic payment transactions in the last four years.
The growth in 2018-19 was largely due to the increase in Unified Payments Interface (UPI) based digital payments.
Elaborating the company’s plans to adopt digital payments by merchants, Kenge said: “The vast majority of India’s over 60 million small businesses are still not benefiting from the growing digital economy. We called Google Pay for Business Launching a new app. A free and easy way for small and medium-sized merchants to periodically follow the onboarding and verification process Without the hassle enables digital payments. ”
Google Pay also launched a token card for debit and credit card holders – a secure way to pay for things using digital tokens on users’ phones instead of their actual card numbers.
The token card on Google Pay will roll out over the next few weeks with Visa cards for HDFC, Axis, Kotak and Standard Chartered banks, and will support MasterCard and RuPay to cover more banks in the coming months.