When we first wrote about Google’s UPI (Unified Payments Interface) app in 2017, it was all set to launch as Google Tez. As we revisit this blog in 2020, Google has rebranded its UPI app to Google Pay. This app can be used to send and receive money to anyone registered with UPI.
The UPI is a digital payment system launched by the National Payments Corporation of India (NPCI) under the regulations of the Reserve Bank of India. UPI facilitates instant fund transfer between two bank accounts on the mobile platform.
Google Pay or GPay can be used by individuals while shopping with merchants who have registered as a user on it. Its real-time payment system can also be used to send and receive money between individuals. The boom of the digital economy in India is the main reason for Google to foray into the payment world in India. The app supports multiple Indian languages like Hindi, Tamil, Bengali, Gujarati, Kannada, Marathi, and Telugu. Within just three years, GPay has become the second most popular UPI app in the country.
Setting up GPay is relatively simple. All one needs is a valid debit card, a bank account number linked to a mobile number, and an Android/iOS smartphone. GPay even allows one individual to add multiple bank accounts. It also allows you to recharge your mobile phone, pay bills, and donate directly to NGO partners. Individuals earn scratch cards and other rewards, and the monetary rewards are deposited directly into the users’ bank account.
COVID-19 has forced the world to adopt contactless methods in every area of life, and the popularity of digital currency is only bound to increase. In addition to being safe, transparency and accountability are a lot more and more people are open to adopting digital methods of payments than ever before.
Zerone develops and integrates blockchain projects that are secure and tamper-proof, guaranteed to accelerate growth and improve ROI. Learn more about our previous project here.