Google India has announced that it has 25 million monthly active Google Pay (previously Google Tez) users and 1.2 million businesses on the platform in India. In a blog post, Caesar Sengupta, VP, Payments and Next Billion Users at the company also revealed that it has processed over 860 million transactions since it commenced operations on September 18, 2017.
To put things into perspective, on August 28, 2018, the company said that it had 22 million active monthly active users and processed over 750 million transactions worth more than Rs 200,000 crore. That’s an addition of about 3 million customers and 110 million transactions in less than three weeks.
While the numbers may appear inflated, it is worth noting that the data is in line with the massive surge in the number of UPI transactions for August.
The Unified Payment Interface (UPI) saw an increase of 32% in the total transaction volumes taking place between July and August 2018. A total of 312.02 million transactions, amounting to Rs 54,212.26 crore were carried out during the month, compared with 235.7 million transactions worth Rs 45,845.64 crore in July, data released by the National Payments Corporation of India (NPCI) showed.
The number of transactions on UPI were largely expected to drop in August owing to the NPCI’s directive to ban same account payments, where the source and destination of the payment is the same bank account. However, to everyone’s surprise, the number of transactions saw a massive surge, crossing the 300-million mark for the first time. This was largely attributed to the launch of UPI 2.0.