Google Pay - Paying Money Is Easier Now

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Undergoing with UPI money transfer, recharge, QR code payments, bill fee, running out of cash presently, etc etc. Here is the solution to the problem. Just one tap is required to pay and eventually there is no need at all to reload the wallets. Going anywhere cashless is now made easy with the help of Google Pay. Bank transfers, sending money home, online shopping are now possible 24×7. This app has made lives easy of many.

Google Pay is an app which helps you to move around cashless. It is an online bill payment app. It provides complete security to the users. Read the Google Pay success story below.

Google Pay - Company Highlights

Startup Name Android Pay
Headquarters Google, US
Sector Fintech
Founders Sujith Narayanan and Sumit Gwalani
Founded Initially September 11, 2015, and renewed January 8, 2018

Google Pay - About
Google Pay - Startup Story
Google Pay - Founders And Team
Google Pay - Tagline, Slogan 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 it was Android Pay but now it's renewed and Google Pay came into existence. It's a digital wallet platform and online payment system created by Google. It enables its addicts to make payment through Android phones, watches or tablets. Its operating system is Android Lollipop 5.0 and above. So, as a result, the phone's Android version has to be 5.0 or above.

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Google Pay - Startup Story

The founders thought of creating something new and beneficial. They thought of creating a digital banking platform. First of all, they introduced a theory that totally concentrated on serving millennials in India. Narayana told that when they were creating Google Tez, they realised that a consumer's financial journey extends beyond the digital payments.

Finally, Google Pay aimed to reimagine financial services and employment, for millennials. Tez was the assistance of mobile payment by Google, targeted at users in India. Later, it folded into Google Pay which we use presently and it's an upgraded version of Tez and a way better.

Google Pay - Founders And Team

Sujith Narayanan and Sumit Gwalani are the co-founders of Google Pay.

Sujith Narayanan is the co-founder of Google Pay. He is the former co-creator of Google Tez. He is a veteran payments executive. Neo-banking startup EpiFi is also found by this executive.

Sumit Gwalani is also an another co-founder of Google Pay and EpiFi. They both are the brains behind this great invention. He is the elder product manager for Google Chrome OS which is designed to make computing simple, speedy and secure.

Sumit Gwalani (left) and Sujith Narayanan (right)

Money made simple is the tagline of Google Pay. A very well known and an interesting tagline isn't it? It's built for India with all the rewards and features which people adore to use.

Google Pay Logo

Google Pay - Business Model

The concerned company has got its own rules and regulations of operation. It does not charge its users for access to Google Wallet. Receiving and sending of money is absolutely free. Previously, the company had an agenda of adding 2.9% fee to funds via debit card. Although, now the plan is dropped and it's all free as mentioned above.

The company makes money from selling advertising chances on the search pages which is frequently used by all. It allows its users to send money to bank accounts directly and for free. UPI based transactions are also made easy presently by the app to make shopping easy anywhere anytime. I believe that this app is very beneficial. Whoever uses it knows t very well about their strong business model.

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

Recently, a few days ago in this year, there was a service disruption in India. A huge number of users reported the app saying that their bank accounts were removed all of a sudden. Anyhow, the issue had a very little consequence. Complaints about the matter were frequently posted on social media platforms. There may be various issues for all. The app suggested that maybe the mistake was done by the user and therefore the problem arised. Anyway by checking the number added many problems got their solutions. Everyone believes that the company has contributed a lot to the UPI transactions.

Anyhow the company fixed the issue by uploading a single statement Gadgets 360.

Challenges are a part of life. It's our duty to tactfully overcome it.

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

The top competitors are Amazon Pay, PhonePe, Paytm and Stripe.

  • Amazon Pay is a platform for transactions. Shopping, bill payments are easy now with the help of this app. It is similar to Google Pay.
  • PhonePe is popularly known as India's payments app. People can now move around cashless with the help of this app. It allows the users to use BHIM, UPI, credit and debit card to recharge phones.
  • Paytm is used for instant payments via UPI using any bank account. It is an Indian e-commerce payment system. It is headquartered in Noida, UP, India.
  • Stripe is a payment platform just like the other above mentioned apps. processing online payments are easy now with the help of Stripe.

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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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About Purbalee Dutta

I am a content writer. Delivering information about various companies is my supreme goal. I write in a way which makes me as well as my audiences feel a unique connection.
  • Siliguri, West Bengal
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