Dissecting the fact Google pay creating issues in payment and settlement
The argument that Google pay is creating a problems or violence in payment and settlement is absolutely absurd. Google pay is still the top rated platform which provides customers Quick hassle, free checkouts and protects customer data with multiple layers of security.
Besides the only new phenomenon observed with Google pay is the sudden rise of UPI transactions. Nowadays peoples sending and receiving money on payment apps in a hope of winning cash prizes.
Reserve Bank of India has recently pushed the use of new unified payment interface with sophisticated features, specifications, design and smooth user experience. This new move from RBI made the transaction of money from one bank to another much more easier and faster.
Just within a passage of 15months UPI as a digital platform has surpassed its competitors in terms of growth. Gpay is making conversion in India from cash to smart phone digital payments much faster than expectation. The biggest reason behind this significant growth of UPI transaction is due to emergence online payment platforms such as Google pay. Due to these online payment platforms people are moving from traditional form of payment such as cash to a modern methods of payment like online transactions.
Google pay is previously known as Google Tez. After re-branding and including some new features, now it is named as Google Pay. This app now becomes an India’s largest UPI app surpassing all its competitors Such as razor pay, Phonpe etc. Google Pay provides a various types of incentive offer to attract customers. It also has option of digital scratch cards by which customer can invite others to join and transact on it while sending and receiving the money. There is also an option of a weekly draw for winning enormous prizes and offers.
As far as professionals or experts bankers are concerned they give two opinions on the rise in popularity of UPI. Some bankers believes that UPI is only attracting the dealers and deal seekers who will return to traditional method of payment once the deal is signed or completed. Some say it is due to the greed of cash back and rewards are attracting the customers. Developing a habits which urging customers to switch on digital payments from a cash mode which is dominant form of transaction in the country. In UPI payments to merchants, it is necessary for creating the value and incentives which are important for making a path towards the goal of digitalized economy.
UPI revolutionized and brings the significant changes in peer to peer mode of payments. Due to this a large percentage of cash transactions now happen in UPI. According to a data approximately ninety percent of UPI transactions take place via peer to peer payments mode. How much benefit the UPI able to generate in future that might be able to calculate only when time will come? But the present situation is that UPI will continue to grow because customer seems very satisfied with the payment experience not only of Google pay but also the government applications like BHIM is getting popular day by day.
The great benefit of UPI which provides any amount of cash that is either sent or received directly transfer into a bank account with the help of E-wallet apps like Paytm, Mobikwik etc.
On a concluding note we want to share the fact that Google pay earlier known as “Google tez”. It is launched by the Google in September 2017 and now it has become India’s largest UPI app.
This achievement is not possible if people won’t find Google Pay to be the best in terms of all demands whether it is security configurations, transaction speed etc. It passes all the tests with flying colors to become a best app for online payments. Therefore, we can finally conclude that Google pay is not creating any kind of violence in a payment and settlement.