In July, UPI transactions set new records with over all UPI transactions at 3,247.82 million.
The collaboration will also address the existing credit gap by offering instant loans to small merchants and entrepreneurs across India that are unable to access formal credit.
Tokenisation is a feature that enables users to make debit or credit card payments through a secure digital token attached to their phone without having to physically share their credit or debit card details.
The company said it will automatically convert all cryptocurrency to U.S. Dollars and transfer the funds to a customers Coinbase Card for use in purchases and ATM withdrawals.
For this move, the American multinational technology company has partnered with Western Union and Wise. Apart from person-to-person payments, the cross-border payments is not available.
The feature for controlling what data the platform can use for personalisation is a part of the app upgrade that will be released next week.
Paytm is yet to put out a breakup of its numbers for February, so itâ€™s hard to tell who really was No. 1 last month with both claiming to have recorded over a billion transactions.
The Competition Commission of India (CCI) is trying to understand if Google is giving users the choice to pay through platforms apart from Google Pay.
The parking payment feature can be availed in over 400 US cities, including Boston, Chicago, Houston, Los Angeles, New York and Washington DC.
The funding round was led by the New York based hedge fund Coatue Management along with the participation of its six other investors including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
PhonePe and Google Pay dominate the UPI market in India, and, in December accounted for 78 percent of transaction volumes and 86 percent of transaction value.
Payment gateways and fintech companies also acknowledged a 55-75 percent increase in mobile recharge transactions.
The main aim of this initiative is to ensure the safety of applicants during the COVID-19 pandemic since they can complete procedures digitally.
Google Pay users will now get an option to pay a PayU merchant with their debit cards, credit cards, or Google Pay UPI without physically sharing their card details if they are making repeated payments.
3-Point Analysis | Payment apps PhonePe, Amazon Pay, Google Pay and Paytm move to battle zone â€˜digital goldâ€™
As digital payments applications have seen a boost amid the COVID-19 pandemic, applications like PhonePe, Amazon Pay, Google Pay and Paytm are now also competing in the â€˜digital goldâ€™ category. Moneycontrols Shraddha Sharma does a 3-Point Analysis to see how these firms are running the space.
UPI transactions worth Rs 1,65,654.71 crore were made through Google Pay in October.
PhonePe has emerged to be the largest platform for buying digital gold with over 35 per cent market share. So far, customers from over 18,500 pin codes across India have bought gold on PhonePe, mainly from small towns and cities.
Google Pay app gets a major overhaul; brings contactless payment, mobile banking and other features under one umbrella
The new Google Pay app is already rolling out on the Google Play Store and Apple App Store for users in the US.
Google is expected to announce new smart budgeting features at the say hello to the new Google Pay event.
With about 400 million users, many of whom are actively engaged, WhatsApp is well-placed in P2P payments. However, roughly half the UPI payments are for commerce, and this is where WhatsApp will have to think through new use cases to take on the incumbents
Competition Commission orders probe against Google for alleged unfair business ways with respect to Google Pay
The Commission is of the prima facie view that the market for apps facilitating payment through the Unified Payments Interface (UPI) appears to be a distinct relevant market for the assessment of allegations in the present matter, the order said.
The NPCI on November 5 capped UPI transactions by a Third Party App Provider (TPAP) at 30 percent of the market share.
Almost three years after being launched in a beta testing stage, NPCI has finally allowed WhatsApp to start payments with an initial limit of 20 million users.
Google Pay was previously taken down from the App Store to fix an issue.
Google Pay has been causing some issues for certain users who are reporting failed transactions.
Find us at the office
Trailor- Verkamp street no. 63, 81415 Zagreb, Croatia
Give us a ring
+38 695 645 231
Mon - Fri, 8:00-22:00