A merchant focused Google Pay app called ‘Google Pay for Business’ was launched in Hyderabad on Wednesday. Apart from digital payments, the app allows merchants keep track of daily transactions sans paperwork. It was initially tried on a pilot basis in Bengaluru before the roll out.
Speaking about the initiative at a press conference held in the city on Wednesday, managing director and business head of Google Pay Sajith Sivanandan said that they were planning to increase their footprint significantly through ‘Google Pay for Business’.
“Settlement is instant. You can track each of these transactions. So you don’t have to worry about maintaining a ledger at the end of the day,” Mr. Sivanandan said.
He said that Unified Payments Interface (which facilitates bank to bank transfer) transactions grew by 60 times in 24 months.
For the first time ever, a billion transactions were recorded in the country in October this year.
“We (Google Pay) launched in September 2017. Now, we have grown three times in terms of monthly active users in the last 12 months. We have 67 million monthly active users, which is up from 22 million users a year ago,” he said.
“Fighting fraud is a journey. As we keep offering more services, get more sophisticated, and as more users come on board, fraudsters also evolve. They come up with new models. But, we constantly keep watching that we use the strength of our machine learning abilities to be able to fight this fraud,” he said.
Mr. Sivavandan added that Google Pay does not share user information with any private or government entities, and that they respect all laws and regulations passed by the government.
