A few days ago, Google announced that they were going to shut down the website of their digital payment platform Google Pay next year. In addition, the old Google Pay app will be replaced by a new Google Pay app. Note that the new app has already been launched in America. However, in case of instant transfer in this app, if payment is made through debit card, 1.5% additional charge will be deducted. After that the rumor started that Google Pay will charge for the transaction from now on. But Google authorities said Wednesday that the charge only applies to U.S. users. Indian users will not be charged extra.
Incidentally, there is no shortage of alternatives to digital payment platforms in India. Unlike Google Pay, big competitors like Paytm, Phone Pe etc. are available in the market. None of them charge extra for the payment. As a result, if Google Pay starts deducting such charges, people will feel free to choose another option. That’s why Google quickly clarified their position for India.
The Google Pay app has 6 million users in India. The number of annual transactions can also be estimated from this number. As of September 2019, the annual payment value of Google Pay for Indian users was ১১ 110 million. As of June this year, Google Pay for Business has 3 million users. As a result, a huge amount of transactions would be affected by Google’s new app. The good news, however, is that the additional charges are not applicable in India. As a result, users will be able to make transactions with an open mind as before.
Google’s new Google Pay app is coming to India for both Android and iOS versions. As the payment feature improves, so does the security aspect. Google Pay is also trying to create a mobile-first bank account called Plex. All in all, 2021 is going to be a very exciting year for Google Pay users.