![]() ![]() Though the primary function of the app is to allow simple money transfer transactions, it also allows the users to make payments in stores that accept UPI based transactions. Google Pay simplifies the process of money transfer even through its website. Interestingly, a person doesn’t have to be on the Google Pay app to receive payments. So the entire concern of receiving money in wallets and then transferring into the bank account has been eliminated. The Google Pay payments app enables sending and receiving money, but unlike other digital wallets, the payments can be received directly into the bank accounts. Related: How Unified Payment Interface (UPI) can change the way you bank It was followed by PhonePay (26%), Paytm (7%) and BHIM (6%). A report by Razorpay revealed that Google Pay leads among all UPIs in India with 59% digital transactions in 2019. It hit 67 million monthly active users in September 2019, driving transactions worth over US$110 billion on an annualised basis and boasting thousands of merchants on the app. Google Pay, a UPI based digital payment system, has a slew of amazing features, and its expansion plans are set to transform the payments market in India.Īvailable on both Apple and Android devices, Google Pay, a world-class security system, has amassed tremendous popularity in the just over two years of being launched in India. It later re-branded the Tez app as Google Pay, keeping in view the ever-growing UPI payments market in India. ![]() Google had brought Tez to join the league of digital wallets and handle everything payments related in India. Digital wallets have been upping their game with unique features and smooth user interfaces. Sending and receiving money online has become a common practice in India today. ![]()
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