Google Pay A Simple Payment Method Success Story

Google Pay: easier payments

Would you like to use a single platform to manage cashless transactions such as UPI money transfers, phone recharges, QR code payments and bill payments? Google Pay is your solution. Google Pay is a solid platform that facilitates cashless transactions and has become one of the leading brands in the digital payments industry.

With Google Pay, transferring money between banks, sending and receiving money online, shopping online, and using several other services has become quite easy. These Google services are now the reference for all payment-related needs of millions of Indians. And each passing day sees its number increase.

Latest news on Google Pay

December 21, 2021 – To allow GPay users to use their Mastercards without providing their debit card information, Google Pay and Mastercard have teamed up.

Google Pay: Overview

Google Pay, often known as G Pay, was established on May 26, 2011. The digital payment system, formerly known as Google Wallet, changed its name to Android Pay later on September 11, 2015. L The app was later released as Tez before settling on Google Pay on August 28, 2018.

A digital wallet and online payment system, Google Pay was created by the company. Users can make contactless payments and online purchases using their Android watches, tablets and phones through the Google-powered digital payments platform.

With some limitations, iOS is another platform that offers G Pay compatibility to consumers in India and the United States. Android devices running Lollipop 5.0 and later support Google Pay.

The second most popular UPI network in India allows users to make payments to other businesses and individuals using Tez payment method, QR codes and phone numbers. From 2021, the application will be usable by users from 42 different countries.

Google Pay: the beginning

Originally known as Android Pay, Google Pay debuted in 2015 at Google I/O. The Google Wallet released in 2011 was the main inspiration for this software. The technology used by Softcard has had an impact on Android Pay. The UPI system was later toppled when Google launched the Tez payment app on September 18, 2017. On August 28, 2018, Google Pay replaced the Tez name.

Google Pay co-founder Sujith Narayanan says that while working on Google Tez, another product offered by Google, he and his team realized that a consumer’s financial journey goes beyond digital payments.

Additionally, there was a need to focus on India’s millennial population and provide them with a new, fast and efficient method of managing their money.

When choosing a product, the co-founders of Google opted for “Google Pay”, which would revolutionize financial services for millennials. The foundations of Google Pay were laid by Google Tez, a primarily mobile payment service intended for Indian users. Think of Google Pay as a more advanced Google Tez with a wide range of options.

Google Pay Founders and Team

Sujith Narayanan and Sumit Gwalani are the people who power Google Pay.

Sujith Narayanan

Along with Sumit, Sujith Narayanan is the co-creator of Google Tez. Sujith is an accomplished payments executive with exceptional expertise in the financial services industry. As co-founder of the neo-banking start-up EpiFi, he is widely recognized. Sujith attended Mahatma Gandhi University and the University of California, Berkeley.

Sujith started his career with Standard Chartered Bank and eventually left the company after serving as National Sales Manager for 7 years. Prior to joining Google, he first worked as Vice President of Marketing and Channel Development at Religare Macquarie Private Wealth.

Sumit Gwalani

Along with Sujith, Sumit Gwalani was a key player in founding EpiFi in addition to co-founding G Pay. He oversaw the Indian operations of Google Tez. Sumit worked for Google for over 12 years, holding several positions. Before working as a software architect for Trlokom and eventually joining Google, Sumit was a research assistant at Columbia University, Santa Barbara. Gwalani studied computer engineering at the University of Mumbai, where he obtained his Btech, before going to the University of Santa Barbara to obtain a master’s degree in computer science.

The name, slogan and logo of Google Pay

gpay logo

G Pay is the brand of Google Pay. The Google logo and the word “Pay” are strategically placed on opposite sides of the G Pay logo.

“Money made simple” is the slogan of Google Pay. What a deep and intriguing slogan, don’t you think? The ability to manage money has never been easier thanks to Google Pay.

Business and revenue model for Google Pay

Google Pay users do not pay a fee to access Google Wallet. GPay users can send money directly to bank accounts free of charge. The company had previously planned to charge a 2.9% fee when topping up wallets using debit cards, but that plan was scrapped.

As a digital payment network, Google Pay primarily derives its revenue from transaction-based fees it collects from banks and online merchants and from in-app payments. Other sources of revenue for the company include product offers and advertisements on the Google Pay app. It also makes considerable profit from the user information it collects.

Prior to 2017, when there were 67 million monthly active users, Google Pay had shown an increase in usage. As of 2021, the same number is currently expected to reach 150 million.

The software has facilitated over 2.5 billion transactions, with an average transaction value of over US$110 billion. It is also crucial to remember that Google Pay currently allows users to make payments to over 2,700 online merchants as well as over 200,000 retailers located in over 3,500 cities and towns.

Issues with Google Pay

payment problems

With the backing of one of the biggest companies in the world, Google, Google Pay has been immune to the difficulties startups and small businesses face when getting started. Resources were not lacking either. A technical issue with the Google Pay app in 2020 has been a popular topic for a while, although it’s not particularly difficult.

Many users have complained to the app, saying Google Pay abruptly removed their bank accounts from the service. On social networks, complaints about the situation have been regularly published. The problem, however, did not have significant repercussions.

The Google Pay team speculated that the unlinking of app and bank accounts could have happened accidentally by users. The crew put a patch in place, and everything is now back to normal. In response to a question about the NDTV Gadgets 360 bug, Google India posted a comment.

Google Pay: development

Payment products have grown in popularity over the period 2018-2019. The team successfully introduced a few new features while redesigning payment products globally.

To jointly develop innovative solutions, Google Pay has placed particular emphasis on partnerships and ecosystem methods while establishing close ties with the government and central bank. As a result, the products cooperated within the ecosystem.

In October 2021, GooglePay held a 35% market share by volume and 38% share by value. The last 129 crore transactions recorded by the payment gateway totaled Rs 2.50 lakh crore. Highlights of Google Pay’s growth include:

In just two years since its launch in India, Google Pay’s digital payment service has 67 million monthly active users. In 2019, Google Pay accounted for 59% of all digital transactions. After PhonePe, Google Pay is the second most popular UPI platform.

Google Pay – Collaborations

So far, Google Pay has worked with many different organizations around the world. Here are some of the well-known alliances that G Pay has observed:

On October 29, 2021, GPay will help GooglePay users purchase SBI General Insurance directly through the app through a partnership announced by the two companies.

On September 21, 2020, the two companies will collaborate to make tap payment easier for Visa cardholders, securing all in-app transactions.

On September 20, 2021, G Pay will collaborate with 90 banking institutions from 9 countries.

Since September 3, 2021, Google Pay has been firmly connected to the Indian financial ecosystem.

On September 2, 2021, G Pay and Leumi, an Israeli bank, will have a partnership that will allow users of the bank to use the Google Pay digital wallet.

Google Pay- Alternatives

Amazon Pay, PhonePe, Paytm and Stripe are the main rivals of Google Pay. One platform for online transactions is Amazon Pay. When it comes to features and functionality, it is comparable to Google Pay.

The most popular payment app in India is called PhonePe. It allows users to recharge their phones and make payments through BHIM, UPI, credit cards and debit cards.

An Indian e-commerce payment system is called Paytm. Through its ecosystem, Paytm provides a variety of services, including e-wallets, bill payment, phone recharge, and an online store (in the form of Paytm Mall). Its head office is located in Noida, India. Online payment processing is facilitated by Stripe.

Future plans for Google Pay

For its consumers, Google Pay is always developing fresh and original content. The company said it would turn its app into a consumer finance resource. As a result, sending money to friends and family would be considerably easier.

edited and proofread by nikita sharma

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Elaine R. Knight