Google Pay director of product management Sharath Bulusu hailed the performance of the service in India, after user numbers tripled in the year to end-September and transactions exceeded $100 billion, Business Standard reported.
At a launch event for a merchant-focused variant of the service in the city of Kolkata, Bulusu announced the number of active users stood at 67 million at end-September, with total transactions hitting $110 billion. Of those, “almost two-thirds” took place outside of the seven largest cities, the newspaper reported.
Google will explore ways to expand its revenue streams in the country, with Bulusu citing potential in travel, personal loans and investment services.
He added Google Pay was also discussing the possibility of expanding the scope of token payments with financial institutions, and was working on better user experiences.
Bulusu said the company was in the process of complying with government regulations relating to storing transaction data on local servers, telling Business Standard this had not interfered with operations.
Earlier this month The Times of India reported the Reserve Bank of India had moved to prevent WhatsApp using the country’s United Payment Interface protocol for failing to comply with the data storage regulation.