Google Pay’s India digital payment turnover has exceeded PhonePe, Paytm

Many digital payment companies in India are using the “unified payment interface (UPI)” launched by the national payment company, including Paytm, PhonePe, BHIM and so on.

Paytm, PhonePe and other private digital payment companies have generated a large number of digital payment transactions based on a unified payment interface by offering giveaways free of charge, offering discounted promotions and other means.

Since PhonePe and Paytm entered the market earlier, they have a first-mover advantage.

Now, however, things seem to have changed, with tech giant Google’s payment app based on the unified payment interface–Google Pay, formerly known as Tez, has begun quietly eating away at the market share of India’s digital payments.

By March 2019, Google Pay had 45 million monthly active users in India. More “scary” is that Google pay’s trading volume has been on par with Paytm and PhonePe, reaching 225 million pens.

In February, it was reported that Google Pay had reached the same transaction volume as PhonePe (220 million transactions), with Paytm leading the way with 225 million transactions.

In march this year, about 800 million digital payments transactions were made through the unified payment interface in India, with a total transaction volume of rs 13,346,072 million.

Interestingly, Google Pay also set a new record in March with a unified payment interface for digital payment transactions of around 430 to 450 billion rupees, while PhonePe and Paytm have both been trading between 310 and 320 billion rupees in the same period. (PhonePe has slightly higher turnover than Paytm, according to the economic times)

Obviously, when it comes to turnover, Google has overtaken two local digital payment giants, PhonePe and Paytm, and is very close to Paytm in terms of trading volume. In particular, Google Pay is 50% higher than PhonePe and Paytm in terms of average transaction value (ATV). Google Pay is 50% higher than PhonePe and Paytm. According to recent data from BharatPe, the average transaction value of Google Pay has hovered around $4.6, while PhonePe and Paytm have averaged $2.6 and $2.4 respectively.

So far, Google Pay has more than 2,000 online merchants in the Indian market, covering industries such as food technology, travel, movie/activity tickets, and even trading and investment.

In order to attract more users to use the Google pay app, Google reportedly smashes 1200~1500 million dollars a month.

In fact, after the e-commerce payment war, it is widely believed that offline payment will become the next major battlefield in India.

Google’s biggest advantage is that its Indian fintech strategy does not pursue interests first, but more to create a good payment experience for consumers and enhance user stickiness, building loyalty among customers.