Google pay News
India's Digital Payment ecosystem has thrived a lot in the past few years. Since demonetisation in 2016, digital payments have shot up to break all records. India recorded over 23 billion digital transactions worth over Rs 38 lakh crore in the third quarter of FY23. The UPI-related digital payment transactions number stood at over 19.65 billion in volume and Rs 32.5 lakh crore in terms of value. The recent report on Digital Payments showed that UPI transactions have almost doubled since 2021. The top three UPI apps used widely by Indians are PhonePe, Google Pay and Paytm.
India has decided to extend the deadline on capping the share of digital payment transactions by about two years. The NPCI had said in late 2020 that payment firms will not be allowed to process more than 30% of the total volume of transactions on UPI from Jan 1. They are powered by the state-backed United Payments Interface (UPI) framework.
The app will now also allow its users to pay their electricity and water bills and pay their municipal tax for that matter. Cred is likely to offer rewards to customers to bring users from rivals such as Paytm, PhonePe, and GPay to its mobile app. Cred is allowing customers to use a portion of their Cred points to get a discount on mobile and other recharges.
The additional language will be added to the existing Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telegu options. The company also intends to improve the app's intelligence by introducing "speak to text," which would allow users to pay directly into another user's bank account via voice input. Bill Split is another important feature it announced, which allows customers to split and settle shared bills.
Instead of receiving actual gold that you must store for your own safety, digital gold is controlled and guarded exclusively by the trading business. Whether you purchase gold using Google Pay or Paytm, the gold stays yours, and you only have to pay these applications' middlemen fees. It still has the same value as real gold, so you may sell or exchange it whenever you choose.
Google announced Plex and information from its official announcement. Google planned to partner with a number of financial institutions to offer accounts with no monthly or overdraft fees, as well as no minimum balance requirements. Google stated that it continues to believe that people want simpler ways to pay for products when shopping online and in-person.