Google New Payment Product
India’s Digital mobile payment market growing rapidly after demonetization and this market attracting now the major tech giant like Google and Facebook , As now google gearing up to grab major share of digital payment
Big market opportunity(mobile payment service)
India’s digital payment market now becoming large in coming of years expected to be worth about $500 billion up-to 2020 predicted by major financial services firms like Morgan Stanley and others
According to news site,The Ken google ready to introduce a digital payment service in India named “Tez”
Tez would be provide various payment options beyond existing ones like Google Wallet or Android Pay.
According to news site this google digital payment app would support on desktop and play store so it would be easy for users able to pay paid downloads and music/movies on Play Store in app payments and don’t worried about go to various google payment methods
By 2022,70% of the retail chains will adopt the digital payment service.The benefits of cash transfers associated with the electronic fund transfers and mobile banking will further drive the growth of digital payment systems in India.
Other tech players eye on digital wallet business
Mobile wallets,internet banking,PoS and their usability covering both urban and rural regions and people shift towards digital system to access financial services
As data revealed by a agency that Mobile wallet transactions were $9 billion in April-17 versus 1 billion 2 years ago
Other Big tech Facebook owned WhatsApp digital payment service may be start from this year
According to media reports Google, Facebook Inc and WhatsApp Inc were in talks with the National Payments Corporation of India (NPCI) to provide UPI-enabled payment on their platforms
UPI is a payment system regulated by the Reserve Bank of India which ease the instant fund transfer between two bank accounts on the mobile platform
With 58% of digital payment market paytm at present dominate player but in coming month as Biggie tech entering into India.
Paytm could have face stiff competition with Google and Facebook
Other players also like Payu,Jio Money,Freecharge,Ola Money already in market but they have small share
On the Other Side,Globally google taste a satisfactory success in digital payment business,google launched a Android pay two years ago but as compare to apple digital payment service,Apple pay could not attract more users,Apple Pay currently now has 86 millions users
In coming months,we could seen in online pay with google wallet online and this coming google pay app can replace current best e wallet depending on no of large user base and quality service provided
So it has to be seen interesting that Which company will gain more market share in India’s big growing digital payment market