Google Likely To Launch Mobile Payment Service In India
Google is looking at launching a localized digital payment service in India, according to media reports.
The payment service called Google ‘Tez’ is expected to be rolled out as early as next week and will offer a wide-ranging set of payment options beyond the existing ones like Google Wallet or Android Pay.
The digital payments sector has seemingly been busy all throughout the year.
A Google and Boston Consulting Group report projects that by 2020, the size of digital payments industry in India will be $500 billion; contributing 15 percent to India’s GDP. Further, by 2020, non-cash contribution in the consumer payments segment will double to 40 percent. Already 81 percent of existing digital payment users prefer it to any other non-cash payment methods. Online, shopping, payment of utility bills and buying movie tickets have emerged as the three top things that a user primarily interacts with.
Further, the reports reveal that Indian consumers, are 90 percent as likely, to use digital payments for both online as well as offline transactions. Over 60 percent of digital payments value will be contributed by offline points of sale such as unorganized retail, eateries, transport etc.
The global mobile payment market is slated to grow extensively in the coming years, and that countries such as India and China will lead the growth, according to research firm Research and Markets.
APAC will be the major revenue contributor to the mobile wallet market by the end of the forecast period, it said.
Google ‘Tez’, will offer payment options beyond the existing ones like Google Wallet or Android Pay, the report said.
Tez, which meaning fast in Hindi, will have support from government-backed Unified Payments Interface (UPI) and other consumer payment services including Paytm and MobiKwik. Apparently, it will be a dedicated app when it arrives, as per the report.
This huge addressable market has already attracted companies like Flipkart, WhatsApp, and Truecaller. But for Google, a more comprehensive product combined with its reach through consumer services and Android- which is the most widely used platform in India- could bring more advantage for the company.
Google, Facebook, and WhatsApp were in talks with the National Payments Corporation of India (NCPI) to provide UPI-enabled payment on their platforms, Livemint reported in July.
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