Google Pay Goes Past PhonePe With 67Mn Monthly Users - quirozstroardlean1982

Two years after debuting in India, Google's digital payment political platform, Google Pay, has outpaced PhonePe to hit 67 million monthly active users (MAUs) in the country. The Flipkart-low-backed app is incomparable of the biggest payments platforms in Bharat with 55 million reportable MAUs in June. Speaking at the fifth edition of the 'Google for India' event on Thursday, Ambarish Kenghe, the director OR product management at Google Pay, claimed UPI transactions on the platform grew from 17 billion in August 2022 to 918 jillio in August 2022.

He further aforementioned that the count of users grew three multiplication in the past 12 months unaccompanied. "In the last 12 months alone, Google Pay off has grown 3X to reach to 67 million monthly active users, driving transactions worth complete $110 billion on an annualized basis, with hundreds of thousands of offline and online merchants", he aforesaid. "The biggest story in India's booming Internet economy has been the salary increase of digital payments. With BHIM UPI crossing 900 million payments last month, India is mount the global monetary standard on how to digitize payments", he added.

According to a raw report by the Reserve Bank of India (RBI), retail natural philosophy payment transactions in the country grew by much 50 per centum CAGR in volume o'er the quondam four years, with the development in 2022-19 largely attributed to the steep increase in the number of UPI payments.

All the same, with Google Pay custom mostly restricted to end-consumers thus far, Google launched a new app called Google Bear for Business that the company says will exposit the acceptation of digital payments by merchants. Reported to Kenghe, the app will offer "a free and easy mode for puny and medium-sized merchants to enable digital payments without the hassle of time-consuming on-embarkment and verification process".

You can read more details about Google Remuneration for Business organisatio by going finished our detailed clause along the subject.

With inputs from IANS