In a post-earnings analyst call, Google and Alphabet’s CEO Sundar Pichai acknowledged the success of Google Pay, a digital payments platform, in India and how learnings from this could be used for global markets.
While speaking to analysts, Pichai said, “We’ve had a lot of traction with our payments product over the past 18 months. We had a tremendously successful launch in India from which we learned a lot of features, and we are bringing that and we are revamping our payments products globally,”
Unified Payments Interface (UPI), an open digital payment platform set up by the National Payments Corporation of India has aimed at easing payments. Google Pay and other equivalents run their applications under this interface, and there has been a rise in the value of transactions by 6.78% month-on-month, with 2.02 lakhs in December 2019 to 2.16 lakhs in January 2020.
Google Pay at the moment holds a 60% market share in the digital payments sector followed by Paytm and PhonePe. The reason for Google Pay’s success could be attributed to the design, planned system and a huge network of partners. Real-time payments have been a success for the Indian market which allows even payments as low as 1 rupee.
