Google Pay, the UPI-enabled payments platform of the search giant Google has claimed to hit 25 million monthly active users mark in one year of its inception in India.
Within one year of launch, Google’s payments platform also claims to have carried out about 860 million transactions from those users, reveals company’s blog posted by Caesar Sengupta, vice president for payments.
The number of transaction also witnessed an increase as it claimed to have 750 million transaction when the company was going through the rebranding and renamed Google Tez as Google Pay.
Amidst the data localisation diktat and competition from leading digital payments players in the space such as Paytm and PhonePe, Google has been trying to narrow the gap of customer acquisition and emerged as the third leading digital payments platform in India after Paytm and PhonePe.
While UPI transaction shares are largely driven by Paytm and PhonePe, Google Pay has also over 20 per cent marketshare in the NPCI-owned payments platform.
Google Pay has over 50 million downloads in India and over 1.2 million businesses in the country have adopted the app as their preferred mode of payment. It is supported by partners Axis Bank, ICICI Bank, HDFC Bank and State Bank of India.
Meanwhile, Google Pay is also planning to offer customised loan and has partnered with banks such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to offer paperless loan facility.