Google Pay - Money Made Simple

Purbalee Dutta Purbalee Dutta
Oct 10, 2020 7 min read
Google Pay - Money Made Simple

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Do you want a single platform for managing UPI money transfer, phone recharge, QR code payments, bill payments, and other cashless transactions? Your search ends with Google Pay. A robust platform that enables you to go cashless, Google Pay has established itself as one of the top names in the digital payments segment. Bank transfers, sending and receiving money, online shopping, and several other services have become as easy as cracking an egg with Google Pay.

Millions of Indians now rely on this Google offering for all payment-related needs. And the number continues to increase with each passing day. StartupTalky covers the Google Pay success story in this post.

Google Pay - Company Highlights

Startup Name Android Pay
Headquarters Google, US
Sector Fintech
Founders Sujith Narayanan and Sumit Gwalani
Founded September 11, 2015, and then renewed on January 8, 2018
Website pay.google.com

Google Pay - About
Google Pay - Backstory
Google Pay - Founders And Team
Google Pay - Tagline And Logo
Google Pay - Business Model
Google Pay - Revenue Model
Google Pay - Challenges Faced
Google Pay - Funding And Investors
Google Pay - Growth
Google Pay - Competitors
Google Pay - Future Plans

Google Pay - About

Google Pay is styled as G Pay. Previously known as 'Android Pay', It is a digital wallet-cum-online payment system developed by Google. Google Pay works with Android Lollipop 5.0 and above. It is compatible with the iPhone and iPad as well, albeit with some restrictions.


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Google Pay - Backstory

Sujith Narayanan, the co-founder of Google Pay, told that when they were working on Google Tez (another offering by Google), he and his team realized that a consumer's financial journey extends beyond the digital payments. Moreover, there was a need to concentrate on the millennials in India and give them a new way to handle financial services.

Sujith finally decided on a product called 'Google Pay' which would redefine financial services for the millennials. Google Tez, a mobile payment service by Google that targeted users in India, laid the framework for Google Pay. Think of Google Pay as a superior version of Google Tez coupled with a plethora of offerings.

Google Pay - Founders And Team

Sujith Narayanan and Sumit Gwalani are the brains behind Google Pay.

Sujith Narayanan is the co-creator of Google Tez. Sujith is a veteran payments executive and has enviable experience in the domain of financial services. He also co-founded the neo-banking startup EpiFi.

Sumit Gwalani played an instrumental role alongside Sujith in starting EpiFi. He handled Google Tez's operations in India. Sumit spent 12 years at Google where he donned multiple hats.

Sumit Gwalani (left) and Sujith Narayanan (right)

Google Pay's tagline is "Money made simple". A meaningful and an interesting tagline, isn't it? With Google Pay, handling money has become easier then ever.

Google Pay Logo

Google Pay - Business Model

Google Pay does not charge its users for access to Google Wallet. Receiving and sending of money is absolutely free. It allows its users to send money to bank accounts directly and for free. Previously, the company had an agenda of adding 2.9% fee upon topping up wallets via debit card. The company makes money from selling advertising spaces on the search pages in Google Pay's app.

Google Pay - Revenue Model

Google Pay has got several revenue collecting opportunities. It estimates an amount of $4.5 billion every day. Of course, ups and downs are common in these sorts of aspects. The revenue might come from both transaction fees from banks and also from ads and product requests within Google Pay. It's a digital platform for money transactions.

In 2017 it had 67 million monthly active users. And it's 2020 now, so it's imaginable that the rate has increased. More you move forward more you get upgraded by. The app has enabled more than 2.5 billion transactions and currently has got a running rate of US $110+ billion in transaction value. Currently, the users have a privilege of paying in more than 200,000 stores in more than 3500 cities and towns and more than 2700 online merchants.

Google Pay - Challenges Faced

With the backing from Google, one of the largest organizations in the world, Google Pay wasn't subjected to the problems that small-scale businesses and startups face while starting out. Neither was there any dearth of resources. Though not exactly a challenge, a technical glitch on Google Pay's app in 2020 did become a trending topic for sometime.

Several users reported the app saying that their bank accounts were removed from Google Pay without any notice. Complaints on the matter were frequently posted on social media platforms. However, the issue did not bring about serious consequences. The Google Pay team suggested that it might have been an unintentional action on the users' part that delinked the app and bank accounts. A fix was implemented by the team and the situation was restored to normalcy. Google India issued a statement when it was asked by NDTV Gadgets 360 regarding the glitch.

Ambarish Kenghe, the Director of Product Management at Google Pay said, "We are aware that some users faced difficulties with linking their bank accounts on Google Pay today. The issue, impacting a small number of users, was identified earlier today and our teams have worked to resolve it and have implemented a fix within the hour. The issue stands resolved and users will now be able to use the app normally. Users facing any issue should reach out to Google Pay support through our app. We regret the inconvenience caused and are committed to providing our users a seamless payments experience."

Google Pay - Funding And Investors

Neobank raised funds of $13.2 million. From this fund, Google Pay came into existence though before it was known as Tez. During the startup they had 24 employees, coming from Netflix, Flipkart and PayPal. International investors invested a record of $9.6 billion into startup lenders.

Google Pay - Growth

In the year 2018 - 19 there was a lot of traction with the payment products. The team launched few new features successfully and also revamping the payment products globally. Google Pay specially focused on partnerships, ecosystem approach as it forged deep relationships with central bank and government to build innovative products collectively. This made the products to work together within the ecosystem.


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Google Pay - Competitors

Google Pay's top competitors are Amazon Pay, PhonePe, Paytm, and Stripe.

  • Amazon Pay is a platform for digital transactions. It is similar to Google Pay in terms of functionality and features.
  • PhonePe is popularly known as India's payments app. It allows people to use BHIM, UPI, credit card and debit card to recharge phones and make payments.
  • Paytm is an Indian e-commerce payment system. Paytm offers multiple services through its ecosystem; some of them are e-wallets, bill payments, phone recharges, and an online shopping store (in the form of Paytm Mall). It is headquartered in Noida, India.
  • Stripe simplifies the process of online payments.

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Google Pay - Future Plans

The company is planning something new and unique for its users. They are planning to merge up the entire payment's ecosystem into one universal app for receiving and sending payments with cards saved in each one's respected Google account. The new design is totally different than Android Pay and plans of renewing Google Pay is also on. The company presently is not only concerned with receiving and sending but also it's concerned with easy payment of fares.

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