had a leading 36% share of all UPI transactions in July. And with UPI reaching 900 million transactions for the first time in August, having a commanding share of it is significant, especially since Google Pay is outperforming payments industry giant Paytm.
And Google Pay is introducing new features that should improve its appeal to both businesses and consumers. Google Pay has added an app for merchants that makes it easier to enable digital payments, as well as a platform that helps them make branded commercial fronts in the Google Pay app. Google Pay for Business is a free new app that helps merchants set up digital payments acceptance without needing an agent to help with the verification process; track their business' performance; and get rewards.
It's also increasing security for consumers with tokenized payments. The new feature, which applies to debit and credit card payments through Google Pay, will use digital tokens rather than consumers' card numbers to complete transactions. This added security could convince more Indian consumers to begin using Google Pay.been doing recently — in particular may be important to Google Pay becoming a bigger player in the Indian payments market.
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