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Google Pay “International”: an Empirical Study Exploring the Google Pay’S “International” Feature in Comparison with Its Competitors Like Paytm, Phonepe Etc

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Google Pay “International”: an Empirical Study Exploring the Google Pay’S “International” Feature in Comparison with Its Competitors Like Paytm, Phonepe Etc Journal of Management Engineering and Information Technology (JMEIT) Volume 8 Issue 3, June 2021, Online ISSN: 2394 - 8124 Impact Factor: SJIF - 6. 402 (2017) | 6.265 (2016) | 4.564 (2015) Website: www.jmeit.com | E-mail: [email protected] | [email protected] Google Pay “International”: An Empirical Study Exploring the Google Pay’s “International” Feature in Comparison with its Competitors like Paytm, PhonePe etc. and Understanding Customer Point of View in Indian Digital Payment Market. Pawan Kalyani [email protected] Abstract: The concept of digital money transaction use digital money to pay for their transactions like have been increased in India from last few years, purchasing petrol at petrol pump and mobile recharges the two major motivating reasons behind this could the reason behind this is reward points and cash back. be demonetization and COVID-19 pandemic situation other key factors are Increased awareness, The concept of the reward points and cash back were Government policies, smartphones and Internet new to the people and for the digital payment system connection with 4G etc. Earlier selected people and that was picking up very fast. People are moving using digital money to pay, the major areas were towards digital payment from small street hawkers and petrol pump and mobile recharges the reason shop owners to big malls everyone is accepting digital behind this is reward points and cash back. This payment and people are rapidly using digital payment was a new concept getting paid back for the services system to pay for their transactions. Due to rewards or products. This gives the reason to boom the and cash backs Paytm was very popular in digital digital platform and competition between them. The payment system there are other prominent player in the major players were Paytm and Google Pay and market like Google Pay, PhonePe, Mobikwik, JioPay, others are growing in the market like PhonePe. In Airtel Pay etc. There has been strong competition this research paper the author is going to get the between Google Pay, Paytm and PhonePe. Earlier view point of the users, people are using multiple Paytm was market leader in India but because of the applications to pay digitally for their own reasons transaction charges its popularity decreases and Google and what they think about the expansion of Google pay and PhonePe has taken over the market. Moving a pay from local to “international” reach in digital step ahead, Google Pay has introduced the facility of payment. To get the view point the author has International Payment feature with collaboration with developed a set of questions and same has been Western Union and Wise. This gives more financial floated through various social media to get the flexibility to the merchants and customers as well as responses. people who want to send or receive Money overseas Keywords: Google Pay’s “International” , Google due to pandemic situation. Western Union and Wise Pay, Paytm, PhonePe, Customer Point of View, are two big prominent players in the money market for Wise, Western Union, Whatsapp Pay transferring the money from one country to another to the family or relatives. People can send or receive I. INTRODUCTION the money but in the family circle. Now collaborating the power of these two established players, Google The demand of digital payment has been grow very Pay goes to international now people can send the in last two years the concept of digital money money “internationally” to their contacts who are transaction and their service providers have been registered with Google pay through them. increased and many players are in the market like Government and Private with UPI, Digital Wallet, II. RAISE OF DIGITAL PAYMENTS IN INDIA Payment Banks etc. the two major motivating reasons could be demonetization and COVID-19 pandemic The raise of digital payment in Indian condition where situation in India other key factors are Increased cash is the king in the market for various reasons awareness, Government policies, smartphones and deal in cash only. In last few years the digital Internet connection with 4G etc.. Earlier a few people has been increased. 1 All rights reserved © www.jmeit.com Journal of Management Engineering and Information Technology (JMEIT) Volume 8 Issue 3, June 2021, Online ISSN: 2394 - 8124 Impact Factor: SJIF - 6. 402 (2017) | 6.265 (2016) | 4.564 (2015) Website: www.jmeit.com | E-mail: [email protected] | [email protected] Image 1. Showing digital form of payment Source:https://www.outlookindia.com/outlookmoney/fintech/r ise-of-digital-payments-and-upi-in-india-5685 Digital Payments Grows At 55% over Past Five Years, Reveals RBI Data Image 3. Showing India preferred digital payment service providers. [3] · During this period, the value has grown from INR Source:https://www.statista.com/statistics/1105962/india-pref 920.38 lakh Cr to INR 1,623.05 lakh Cr erred-e-payment-services/ · FY20 witnessed a massive surge in volumes over the previous year to 3,434.56 Cr Table 1. Showing the details of Digital payment from the year · In January 2020, RBI governor Shaktikanta Das 2016 to 2021 [4] had claimed that digital payments account for Source:https://www.npci.org.in/what-we-do/upi/product-statis tics around 97% of daily payment system transactions *this data excludes the transactions having debit/credit to the same in terms of volume [1] account for the month of August 2018 onwards No. of Banks Volume (in Month Value (in Cr.) live on UPI Mn) May-21 224 2,539.57 4,90,638.65 Apr-21 220 2,641.06 4,93,663.68 Mar-21 216 2,731.68 5,04,886.44 Feb-21 213 2,292.90 4,25,062.76 Jan-21 207 2302.73 4,31,181.89 Dec-20 207 2,234.16 4,16,176.21 Nov-20 200 2,210.23 3,90,999.15 Oct-20 189 2,071.62 3,86,106.74 Sept-20 174 1,800.14 3,29,027.66 Aug-20 168 1618.83 2,98,307.61 July-20 164 1497.36 2,90,537.86 June-20 155 1336.93 2,61,835.00 May-20 155 1,234.50 218,391.60 Apr-20 153 999.57 151,140.66 Mar-20 148 1,246.84 206,462.31 Feb-20 146 1,325.69 222,516.95 Jan-20 144 1,305.02 216,242.97 Image 2. Showing growth of Digital Payment Dec-19 143 1,308.40 202,520.76 Nov-19 143 1,218.77 189,229.09 Source: Oct-19 141 1,148.36 191,359.94 https://www.thehindubusinessline.com/news/digital-payments Sept-19 141 955.02 161,456.56 -in-india-to-grow-to-717-of-all-payment-transactions-by-2025 Aug-19 141 918.35 154,504.89 -report/article34204827.ece [2] July-19 143 822.29 146,386.64 June-19 142 754.54 146,566.35 May-19 143 733.54 152,449.29 Apr-19 144 781.79 142,034.39 Mar-19 142 799.54 133,460.72 Feb-19 139 674.19 106,737.12 Jan-19 134 672.75 109,932.43 Dec-18 129 620.17 102,594.82 Nov-18 128 524.94 82,232.21 Oct-18 128 482.36 74,978.27 Sep-18 122 405.87 59,835.36 Aug-18 114 312.02 54,212.26 July-18 114 273.75 51,843.14 June-18 110 246.37 40,834.03 2 All rights reserved © www.jmeit.com Journal of Management Engineering and Information Technology (JMEIT) Volume 8 Issue 3, June 2021, Online ISSN: 2394 - 8124 Impact Factor: SJIF - 6. 402 (2017) | 6.265 (2016) | 4.564 (2015) Website: www.jmeit.com | E-mail: [email protected] | [email protected] May-18 101 189.48 33,288.51 Image 4. Showing a user using smartphone to access digital Apr-18 97 190.08 27,021.85 payment platform. Mar-18 91 178.05 24,172.6 Source: Internet Feb-18 86 171.40 19,126.2 Jan-18 71 151.83 15,571.2 Dec-17 67 145.64 13,174.24 Nov-17 61 105.02 9,669.33 Oct-17 60 76.96 7057.78 The Reserve Bank of India has come up with a Sep-17 57 30.98 5,325.81 ‘composite Digital Payments Index (DPI)’ to measure Aug-17 55 16.80 4,156.62 the extent of digitization of payments in India. July-17 53 11.63 3,411.35 June-17 52 10.35 3,098.36 Announcing the development recently, the central bank May-17 49 9.36 2,797.07 said that the RBI-DPI consists of five key parameters Apr-17 48 7.20 2,271.24 that would capture “deepening and penetration of Mar-17 44 6.37 2,425.14 digital payments in the country over different time Feb-17 44 4.38 1,937.71 periods,” RBI said in a statement. The digital payments Jan-17 36 4.46 1,696.22 ecosystem is currently dominated by large technology Dec-16 35 1.99 707.93 players including Paytm, PhonePe, Google Pay, and Nov-16 30 0.29 100.46 Oct-16 26 0.10 48.57 recently launched WhatsApp Payments. India’s UPI Sep-16 25 0.09 32.64 payments had shot up 82 per cent in the current fiscal Aug-16 21 0.09 3.09 year’s Q2 along with a 99 per cent jump in value from Jul-16 21 0.09 0.38 the year-ago period, according to the Worldline India Jun-16 21 0.00 0.00 Digital Payments report.
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