Google Pay India learnings will be taken to global markets: Alphabet CEO Sundar Pichai

Google will take lessons from the success of its Google Pay platform in India to other global markets, said Alphabet CEO Sundar Pichai in a post-earnings analyst call on Monday.

“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,” said Pichai speaking to analysts after the company’s fourth quarter earnings. “And so I’m excited by that rollout, which is coming up in 2020. I think that will make the experience better.” Alphabet is the parent company of Google.

Google Pay in India runs on the Unified Payments Interface (UPI), the open digital payments platform built by National Payments Corporation of India. The value of transactions through the Unified Payments Interface (UPI) rose 6.78% month-on-month to Rs 2.16 lakh crore in January from Rs 2.02 lakh crore to December, 2019.

Google Pay has nearly 60% marketshare in the UPI-based digital payments market in India, followed by Walmart-owned PhonePe and Paytm, according to a September report by payment gateway Razorpay.

India is the only country that has adopted the UPI-based payments system that allows users to transfer as low as Re 1 to another user through their bank account. It is still unclear the model adopted by Google Pay in other countries.

Last year, Google wrote to the US Federal Reserve Board urging it to build ‘FedNow’ – an interbank real-time gross settlement service (RTGS) for digital payments in the US similar to the UPI-based digital payments platform.

According to an earlier comment by a company official last year, Google Pay’s monthly active user-base had grown three-fold to reach 67 million in September 2019 from 22 million in September 2018.

Google parent- Alphabet reported its fourth quarter earnings on Monday. The company’s revenue grew from $39.3 billion in 2018 to $46.1 billion in 2019.

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