New Delhi: Google Pay which reported 55 million monthly active users in India in May has set eyes on tapping over 12 million ubiquitous kirana stores to write its next India growth story, a top company executive said on Wednesday. According to Ambarish Kenghe, Director, Product Management, Google Pay, India, more and more people are embracing Google Pay and the aim is to tap into the small and medium businesses (SMBs) and the neighbourhood kirana stores, thus empowering both the merchants and the consumers go digital in a seamless and secure way.
“The idea is to empower more Indians as digital becomes new cash for millions in the country. The Unified Payments Interface (UPI) helps you pay at the neighbourhood kirana store and after leading the peer-to-peer (P2P) digital payments market, peer-to-merchant (P2M) market is we are currently looking into,” Kenghe told IANS. Nearly 90 per cent of the retail market in the country is currently unorganised — a market that, if goes digital in coming years, will open new avenues for the digital payments firms.
Google Pay has already made inroads into smaller towns and two-third of its business in India is coming from such markets. To keep the transactions extra-secure, Google Pay now sends app notifications as well as SMSes to inform users each time they receive a collect request to highlight that approving the request will deduct money from their bank accounts.
“We are mindful that at Google Pay, users are entrusting us with their most sensitive asset - their money. We are conscious of the responsibility that comes with this trust,” Kenghe noted. Google Pay uses Machine Learning (ML)-based scam prevention models, and also displays explicit “scam” or “stranger” warnings if a user receives a request from someone suspicious or not in their contacts. “The whole idea is to empower our users in India not just with making payments but to do that in a seamless and secure way,” the Google Pay executive added.