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A Complete Google Pay Case Study-2023

With mobile payment options expected to reach 4.8 billion by 2025, it is a remarkable revenue growth channel, mainly because these apps are integrated into other financial services.

Do you know a single platform for handling UPI money transfers, QR code payments, phone recharge, cashless transactions, and bill payments?

Many of you must have said yes, and it’s Google Pay. You are right!

Let us know more about this online payment app in this Google Pay Case study, including when it started, who the founders are, etc.

Formerly known as Tez, Google Pay helps you to go cashless. This online money transaction app has become one of the famous names in the online payment world.

Sending and receiving money, bank transfers, online shopping, and various other services can now be done within a fraction of a second with Google Pay.

As it is a division of the Google ecosystem, they have topped up its user base quickly, even though they were a late entrant in online payment apps. It is the No.1 digital wallet and one of the best online payment apps.

Case Study on Google Pay – About Google Pay 

Google Pay, or GPay, was founded on May 26, 2011.

Initially started as Google Wallet, this online payment platform changed its name to Android Pay on September 11, 2015. Then the app was launched as Tez before finalizing Google Pay’s name on August 28, 2018.

Google Pay is an online wallet-cum digital payment app developed by Google.

The Google-powered online payment platform helps users to make contactless payments and purchases online through android phones, tablets, and smartwatches.

Case Study on Google Pay App- Google Pay Usage Statistics

In 2021, the app was common among users in nearly 42 countries. Google Pay is second in the UPI market. This online payment app led to over 37.5% of the total share in 2021, with a complete transaction worth INR 2.74 Lakh Cr.

Google Pay has more than 10 Mn merchants across 19,000 pin codes, facilitating 15 Bn transactions annually, spanning over 220 million users.

Google Pay is the leading mobile payment app in 2023. Also, nearly 800,000 websites use Google Pay, with almost 20% of all mobile transactions using the online payment method.

Out of all the countries, Google Pay is most prevalent in Russia and India.

In America, over 7,90,000 websites accept Google Pay. The number is expected to rise as more people shift to digital wallets.

We expect that by 2025, Google Pay will gain nearly 10.5 million users , nowhere near the number of ApplePay users. GPay is slowly trending upwards within the coming years.

Google Pay Case Study- How It Started

Google Pay was established as Android Pay and was released at Google I/O in 2015. The technology of Softcard influenced the modern technology of Android Pay.

Then, on September 18, 2017, Google launched Tez’s payment app, changing the UPI system. Later Tez was rebranded with a new name, Google Pay, on August 28, 2018.

As per Sujith Narayanan, the Co-founder of Google Pay, it was during that time when he was working on Google Tez that he and his teammates realized that a customer’s financial journey expands beyond online payments.

In addition, there was a requirement to focus on the millennials in India and provide them with a fast and efficient way to handle their finances.

The duo finally decided on a product called Google Pay, which would redefine financial services for the millennials.

Google Tez, a popular mobile payment service discovered by Google that targeted Indian users, formed the base for Google Pay.

Therefore, you can consider Google Pay a superior version of Google Tez with plenty of offerings.

Founders of Google Pay

Sujith Narayanan  is the co-creator of Google Tez, along with Sumit. He is a veteran payment executive with several years of financial service experience.

Also, he is the co-founder of the neo-banking startup, EpiFi.

He graduated from the University of Calicut and Mahatma Gandhi University. Initially, he started working with Standard Chartered Bank.

Eventually, Sujith resigned after seven years as a National Sales Manager at the Standard Chartered Bank.

Then, he joined Religare Macquarie Private Health and served the organization as Vice President-Marketing and Channel Development before joining Google.

Sumit Gwalani-  Along with co-founding GPay, Sumit Gwalani played an essential role with Sujith in starting EpiFi. He handled the operations of Google Tez in India. 

Sumit spent over 12 years at Google, where he played different roles. Sumit worked as a Research Assistant at the University of Columbia, Santa Barbara, before joining Trlokom as Software Architect and ultimately joining Google.

Gwalani pursued Computer Engineering at the University of Mumbai, where he initially did his BTech and then Master in Computer Science from the University of Santa Barbara.

Business and Revenue Model of Google Pay

Google Pay does not take any charge from the users using Google Wallet. Instead, GPay helps its users send money to banks for free and directly.

Earlier, the company planned to add around 2.9% charges upon topping up the wallets through debit cards, which has been eliminated.

As an online payment platform, Google Pay collects its income through transaction-based charges containing online and in-app payments from merchants and banks.

Advertisements and product offers within this app are some other revenue sources. It also earns through its collected user data.

In 2017, Google Pay saw a rise in monthly active users, recorded at 67 million. In 2021, the same was estimated at 150 million.

This online money transaction app has helped over 2.5 billion transactions and has a running rate of over US $110 billion.

Furthermore, it is also significant to note that now Google Pay also provides users the pleasure of paying for more than 200,000 stores in over 3500 towns and cities and over 2700 online merchants.

Challenges Faced by Google Pay 

With the support from Google, one of the largest companies in the world, Google Pay was not subjected to the issues of startups and small-scale businesses while starting.

Although not a big problem, a technical glitch on the app in 2009 had become a trending topic for some time.

Neither was there any shortage of resources. Though not exactly a challenge, a technical glitch on Google Pay’s app in 2020 did become a trending topic for some time.

Several users reported about the app, saying that Google Pay removed their bank accounts from Google Pay without prior notice.

As a result, social media platforms were full of complaints regarding Google Pay. However, the issue did not cause any severe problems.

Team Google Pay suggested that it might have been an accidental action that delinked the bank accounts and app on the user’s part. The team discovered a solution, and the situation soon returned to normal.

Growth of Google Pay

In 2018-19, there were a lot of changes with payment products. However, the Google Pay team successfully launched a few new features and revamped payment products worldwide, including Google Pay refer and earn.

Google Pay mainly focused on the ecosystem; partnerships approach as it built deep relationships with the government and central bank to build new products collectively.

It made the products work collectively within the ecosystem.

Some growth highlights of Google Pay are as follows:

• Google Pay is the 2nd most popular UPI platform after PhonePe.
• Google’s online payment platform, Google Pay, hit 67 million monthly active users every month in a span of 2 years from the day it debuted in India.
• In 2019, Google Pay contributed 59% of online transactions.

Competitors of Google Pay

The top competitors of Google Pay are PhonePe, Paytm, Amazon Pay, and Stripe.

Amazon Pay is a platform for online transactions. It is like Google Pay in terms of features and functionality.

Paytm is an Indian eCommerce payment system. This online transaction app provides various services through its ecosystem; a few are bill payments, e-wallets, phone recharge, and an online shopping store.

PhonePe is one of the leading payment apps in India. It lets people use UPI, BHIM, debit cards, and credit cards to make payments and recharge phones.

Stripe streamlines the procedure of online payments.

Future Plans 

Google plans to make Google Pay a multipurpose online wallet by extending the range of passes, cards, and tickets the service supports.

In addition, they are working with cryptocurrency providers to discover digital cards that will help users to store crypto assets but still make payments in standard currencies.

The company also plans to add more payment features to its shopping and search services, like personalized discounts and customer loyalty cards, in the search results directly.

If you also want to build an app like Google Pay and market it to the right audience, you should enroll in the best digital marketing courses in Bangalore . Digital marketing courses teach you the strategies that will help you market your app or product to the right audience at the right time to attain maximum profit.

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A comprehensive google pay case study 2023.

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Safalta expert Published by: Ishika Jain Updated Thu, 09 Mar 2023 03:18 PM IST

There is a sizable market for UPI payments, and one of the best and most popular ones is GPay (formerly Tez).

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• After PhonePe, Google Pay is indeed the second most used UPI platform.
• Within two years of its launch in India, Google Pay, the company's online payment service, reached 67 million active monthly customers per month.
• Google Pay made up 59% of all online transactions in 2019.

Can we use Google Pay to pay $70000?

Can google pay a salary of 20,000, what are the drawbacks of gpay, what is the most amount google pay will accept in india.

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