Google hailed the success of its mobile payments service in India as it unveiled additional features designed to attract a greater number of businesses to accept the service.
In a blog on the company’s India website, GM and VP of Payments and the Next Billion Users initiative Caesar Sengupta said its Google Pay app (formerly known as Tez in the country) had 67 million monthly active users over the past 12 months, up more than three-times than the year to September 2018.
It processes more than $110 billion worth of transactions annually.
However, Sengupta noted there was room for the company to increase its presence in the business sector.
“The reality is that despite the massive growth of digital payments, the vast majority of India’s over 60 million small businesses are still not benefiting from the growing digital economy,” he said, adding the company was launching several initiatives to encourage merchants to adopt digital payments.
Among the new features to be offered under the Google Pay brand is its Spot Platform, which enables retailers to create “brand experiences” accessible by customers engaging with the app in-store. It also has a number of customisable online features with the aim of increasing brand engagement for businesses.
Google is also introducing secure tokenised payment systems to its platform, a feature which allows transactions to be made without using a number directly associated with payment cards.Subscribe to our daily newsletter Back