Google will take learnings from its successful Google Pay platform in India to other global markets, Alphabet CEO Sundar Pichai said.
Alphabet is the parent company of Google.
“We’ve had a lot of traction with our payments product over the past 18 months. We had a tremendously successful launch in India from which we learned a lot of features, and we are bringing that and we are revamping our payments products globally,” Pichai said in a post-earnings call with analysts after the company’s fourth quarter results on Monday.
“And so, I’m excited by that rollout, which is coming up in 2020. I think that will make the experience better,” Pichai said.
Google Pay runs on the Unified Payments Interface (UPI), the open digital payments platform built by the National Payments Corporation of India. The value of transactions through UPI rose 6.78% month-on-month to ₹2.16 lakh crore in January from ₹2.02 lakh crore in December 2019.
Google Pay has nearly 60% market share in the UPI-based digital payments market in India, followed by Walmart-owned PhonePe and Paytm, according to a report by payment gateway Razorpay in September. India is the only country to have adopted the UPI-based payments system that al- lows a user to transfer as low as one rupee to another through bank accounts. It is as yet unclear if Google will adopt the Google Pay model in other countries.
Last year, Google wrote to the US Federal Reserve Board urging it to build ‘FedNow’ – an interbank real-time gross settlement service for digital payments in the US – similar to the UPIbased digital payments platform.
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