Google Pay said on Friday that the company’s role was firmly as a partner to the existing financial system, which brings unique skill sets and offerings to drive digital payments adoption in the country.
Sajith Sivanandan, Business Head, Payments and NBU, Google APAC, said in a blog post: “In every geographic area where Google Pay operates, our position is consistently to partner with existing financial services and banking systems to help evolve and enable the frictionless delivery of financial products and services and contribute to the goal of financial inclusion.
He added: “There have been a few instances where these offers have been flagged as ‘Google Pay offers’, which is fueling misinterpretation. To be clear, we have always viewed our role firmly as a partner to the existing financial system that brings unique skill sets and offerings to drive the adoption of digital payments in the country. “
Recently, Equitas Small Finance Bank announced that banks’ deposit offers would be available on Google Pay. The bank said in a statement that it would allow users to open FDs on Google Pay. However, this has led many to assume that Google Pay could enter financial segments other than payment.
Equitas is joining Google Pay is nothing new. The company’s Spot offering also offers many other financial service providers. “In 2019, we announced the launch of the Spot platform on Google Pay, a surface for merchants of all types – offline or digital natives, small or large, in any use case – to find users. ready to pay, “he added.
Today, Google Pay has nearly 400 merchant locations on its platform and has found that financial product offerings work particularly well, with Spot Experience offerings provided by financial services players like CashE, Groww, 5paisa. , Zest Money, etc., experiencing significant growth and engagement. of users on Google Pay. This commitment underlines that payment platforms are an excellent surface for providing financial services to users across the country.
“This vision has been consistent since our launch in India and many of our offerings are built on NPCI’s pioneering UPI network and payment infrastructure, which has grown 190 times over the past 4 years, to process over 6,000 billion rupees today, ”Sivanandan said.
At its core, Google Pay is a simple and secure mobile application for sending and receiving money, offering the functionality of a seamless payment experience, which is essential for consumers and merchants.
With more and more users adopting Google Pay in India, the Spot platform functions as an additional discovery channel for many companies to create and deliver new and innovative experiences for users to drive adoption of their services. Use cases cover purchasing tickets, ordering food, paying for essential services such as utility bills, shopping, and accessing various financial products.