Google Pay one of the digital payment majors, has set its eyes on tapping into 12 Million kirana stores in India.
Ambarish Kenghe, Product Management -Director, Google Pay India said, "With more people are embracing Google Pay, our aim now is to tap into the small and medium businesses (SMBs) and the neighborhood kirana stores, thus empowering both the merchants and the consumers go digital in a seamless and secure way."
In response to Indo-Asian News Service (IANS) Kenghe told, "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."
He further added “The digital payments landscape in India has changed in the last two-three years, especially with the growing smart phone use base.”
Google Pay’s merchant base includes Zomato, BookMyShow, Swiggy, RedBus and others. The company’s service is accepted at over 200,000 offline stores across 3,500 towns and cities.
Since demonetization, India has recorded 50% percent growth rate in electronic payment transaction. A latest report by RBI stated that the growth in 2018-19 is due to steep growth in Unified Payments Interface (UPI) based transaction.
The retail market is expected to provide new path for Digital Payment firms by accepting the digital money transaction ideas.
G Pay uses a scam prevention model which is based on Machine Learning that displays scam warnings if user receives requests from suspicious contacts. The idea behind the thought is to empower users to transact money in a seamless and secure way.