The fintech world in India is buzzing with innovation, all powered by UPI. Walmart-backed PhonePe remains the largest player in the UPI ecosystem, cornering a 48 per cent market share in terms of transaction volume in August'24. It processed 7.
2 billion transactions. Google Pay is the second-largest player with a market share of 37.37 per cent, processing 5.
5 billion transactions. As is clear, Google Pay is a dominant force in digital payments in India, but it's a different story elsewhere. Despite its Indian success, it has struggled to make an impact in the United States.
What's the secret behind Google Pay's triumph in India, and why hasn't it conquered the US market? Let's unravel this intriguing case! Why Google Pay worked in India: The rise of UPI Let's see how Sundar Pichai-led Google made waves in the fintech market in India. In India, Google Pay leveraged the rapid adoption of the Unified Payments Interface (UPI) as a key factor in its success. UPI is a real-time payment system that allows users to transfer money between bank accounts using a mobile device.
This technology revolutionised the way people in India make payments, with transactions becoming faster, more convenient, and more secure than traditional methods. The market already had major players such as Paytm, PhonePe, MobiKwik, BHIM, etc. So, Google knew they had to make a user-friendly online payment app to penetrate the market which it successfully did.
In 2017 the search engine giant released "Tez" a pay.