Google Pay Case Study - Google Pay
Google Pay Case Study: The Beginning
Entrepreneurs of Google Pay
Google Pay's revenue and business model
Challenges Google Pay Faces
Increase in Google Pay
Alternatives to Google Pay
Google Pay Case Study - Google Pay
GPay, often known as Google Pay, was established on May 26, 2011. On September 11, 2015, the name of this online payment system, which had previously been known as Google Wallet, was changed to Android Pay. The app was then released under the name Tez until August 28, 2018, when Google Pay became the official name. A digital wallet and payment software called Google Pay was created by Google. Users may use their Android smartphones, tablets, and smartwatches to make cashless transactions and purchases online thanks to the Google-powered digital payment infrastructure.
Download ebooks to gain extensive knowledge about in-demand skills.
Google Pay Case Study: The Beginning
In 2015, Google I/O saw the debut of Google Pay, which was originally known as Android Pay. Modern Android Pay technology was influenced by Softcard technology. The UPI system was then altered when Google released Tez's payment app on September 18, 2017. On August 28, 2018, Google Pay, a new moniker for Tez, was introduced. Sujith Narayanan, one of the co-founders of Google Pay, claims that his team's realization that a customer's financial journey goes beyond online payments occurred while working on Google Tez. Additionally, it was necessary to concentrate on Indian millennials and give them a quick and effective way to manage their funds.
Entrepreneurs of Google Pay
Google Tez was co-created by Sujith Narayanan and Sumit. He has many years of expertise as a seasoned payment executive in the financial services industry. Additionally, he is a co-founder of EpiFi, a startup in neo-banking. He earned degrees from Mahatma Gandhi University and the University of Calicut. He began working for Standard Chartered Bank early on in his career. Sujith eventually left his position as National Sales Manager just at Standard Chartered Bank after seven years of service. Before joining Google, he first worked for Religare Macquarie Private Health as Vice President-Marketing & Channel Development.
Sumit Gwalani: In addition to co-founding GPay, Sumit Gwalani also helped launch EpiFi alongside Sujith. He oversaw Google Tez's activities in India. Sumit worked for Google for more than 12 years in a variety of positions. Before joining Trlokom as a Software Architect and subsequently joining Google, Sumit served as a Research Assistant there at the University of Columbia, Santa Barbara. After earning his BTech at the University of Mumbai and a Master in Computer Science from the College of Santa Barbara, Gwalani went on to study computer engineering there.
Google Pay's revenue and business model
Users who utilize Google Wallet are not charged by Google Pay. Instead, GPay enables customers to transmit money directly and for free to banks. Earlier, the business planned to add 2.9% in fees when customers topped off their wallets using debit cards, but that proposal has been scrapped. As such an online payment system, Google Pay derives its revenue from transaction-based fees that include in-app and online payments from businesses and banks. Other sources of income for this app include product offers and advertisements. Additionally, it makes money by collecting user data. The number of monthly active users on Google Pay increased to 67 million in 2017. The same was predicted to reach 150 million in 2021.
Challenges Google Pay Faces
With the backing of Google, one of the biggest corporations in the world, Google Pay was spared the difficulties that new startups and small businesses face when they first start. A minor issue with the app's technology in 2009 became a hot topic for a while, even though it wasn't a major issue. There was no lack of resources either. A technical issue with Google Pay's app in 2020 become a popular topic for a while, despite not being particularly difficult. Many users complained about the software, claiming that Google Pay abruptly deleted several bank accounts through Google Pay. As a result, there were numerous Google Pay complaints on social media sites. The glitch, meanwhile, did not lead to any major issues.
Increase in Google Pay
There were numerous updates to payment products throughout 2018–19. Nevertheless, the Google Pay team has successfully please see the updated products around the world, notably, Google Pay refer & earn, and introduced a few new features. To jointly develop new goods, Google Pay created strong contacts with the government & central bank and primarily concentrated on the ecosystem and partnerships strategy. It caused the items to cooperate within the ecosystem.
Google Pay's growth highlights include the following:
- After PhonePe, Google Pay is indeed the second most used UPI platform.
- Within two years of its launch in India, Google Pay, the company's online payment service, reached 67 million active monthly customers per month.
- Google Pay made up 59% of all online transactions in 2019.
PhonePe, Amazon Pay, Paytm & Stripe are Google Pay's biggest rivals. A platform for transactions in online mode is Amazon Pay. When it comes to features and functionality, it is similar to Google Pay. Another Indian e-commerce- commerce payment system is called Paytm. Through its ecosystem, this online transaction software offers several services, including bill payment, e-wallets, phone recharging, and an online store. One of the most widely used payment applications in India is called PhonePe. It enables users to recharge their phones and make payments via BHIM, UPI, debit cards, and credit cards. Online payment processes are streamlined by Stripe.
Can we use Google Pay to pay $70000?
If you attempt to send more than 1,00,000 in a single day across all UPI apps, you may exceed your daily limit. Across all UPI apps, you attempt to send money more than ten times in one day.
Can Google pay a salary of 20,000?
Through Google Pay, you may only send up to 1 lakh rupees each day.
What are the drawbacks of GPay?
You cannot take Google Pay as a form of payment if your bank does not support it since Google Pay is only accepted by a small number of banks. Similarly to that, clients cannot use Google Pay to make purchases at your business if their banks do not support it. Consumers and businesses both suffer from this.
What is the most amount Google Pay will accept in India?
If you use Google Pay, you should be aware that the daily maximum is Rs. 1,000,000. Additionally, you are only permitted to do transactions a maximum of 10 times every day.
