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Google Pay looks beyond UPI, card payments in the works
Publication- The Economic Times
Edition- Online
Date- 10 May, 2019
Google Pay, which offers UPIpayments in India, is expected to soon offer Indian consumers the option to pay through debit or credit cards saved on the platform. The technology giant unveiled plans to make Google Pay a bigger payment instrument at the IO19 developers’ conference organised by it in San Francisco earlier this week. The move is aimed at offering consumers a smooth payment experience while shopping online. Avnish Miduthuri, product manager at Google, said the search giant is not only adding to the number of places where Google Pay will be accepted, but also working on increasing the ways of paying through the app.
“You can already accept cards and now PayPal (in the US and Germany), and coming soon Unified Payments (Interface) will be available via the same unified API,” he said at the conference. “That means, with a single integration, Indian merchants will be able to accept Google Pay from their users wherever they operate and global merchants can accept UPI payments from their Indian users.” ET understands that Google is bringing in a single software development kit (SDK) for merchants and developers, so that consumers can make payments across platforms through the Google Pay application. The kit has already gone live with PayPal in the US and Germany.
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With over 47% transactions, Visa way ahead of Rupay in online merchant payments
Publication- EN Trackr
Edition- Online
Date- 10 May, 2019
US based payment firms Visa and Mastercard are still most used payment cards by online merchants in compare to government-backed Rupay card, according to the latest Financial Software and Systems (FSS) report. In terms of online merchant transactions, Visa had the most share of transactions about 47.5% whereas Mastercard did 35% of transactions, said the FSS Payments Trend Report 2018. Rupay only managed 16% of the transactions. FSS claimed to process over 58% of total online payments for merchants. This is in contrast to NPCI report published last month. According to NPCI, RuPay has grown more popular among online shoppers and consolidated its market share in a year time.
RuPay cards e-commerce transactions shot up to 54 million in March from 25 million transactions last year April, it said. Most of the contributors to the growth reported to be public-sector bank account holders living in smaller towns. The number of merchants accepting these cards are also claimed to grow over 40 per cent. The RuPay Card is used both at the Point of Sale (PoS) as well as for e-commerce payments, the NPCI had added. Meanwhile, FSS report further said that the overall transaction also witnessed 36 % growth year-on-year(Y-o-Y) to 790 million, which was mainly driven by debit card transactions. Though, average transaction size growth Y-o-Y was in negative. The average amount for debit card transactions was $13.4 compared with $54.4 for credit cards.
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Banks May Start Charging For UPI Transactions
Publication- Good Returns
Edition- Online
Date- 10 May, 2019
UPI was introduced in India three years ago and in a bid to promote its use, these transactions remained free of cost. Positively, UPI registered a growth of 349 percent in terms of volume to close to 800 million and 452 percent in value to over Rs 1.3 lakh crore during the financial year 2018-19, according to NPCI's (National Payments Corporation of India) data. However, according to a BloombergQuint report citing sources, larger banks are in talks to consider charging their customers for services on the platform.
The mechanism for these charges will be similar to those made on cash withdrawals at ATMs where the only transactions beyond a certain limit are charged with a fee. First few transactions will remain free. Further, these will only be imposed on peer-to-peer transactions and not on payments made to merchants for their services. The report further said that the charges are only being considered and no final decision has been taken yet. The sources said that the fee was considered not to earn an income but to cover the cost of processing these transactions.
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