Money made Simple-Google Pay the Endless reward

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The widely used and most secured method of payment processing, transferring of money from one account to another is all now been possible with Google Pay, the largest Digital money payment platform from Google. It is a contactless Digital app that helps users to pay bills, purchase items from stores through mobile phones enabled with android phones, tablets, and watches. Google pay is popularly known as “Gpay”.

Users can link a credit card or debit card details to the Google Pay account for making payments online and offline. It uses Near field Communication (NFC) to interconnect with the payment terminal end to do the transfer of funds. Google Pay is activated using a password, when the user wants to make payments online or offline the password is used. 

Google Wallet was the first digital mobile payment system launched in 2011. Later in 2015 Google renamed it as Android Pay which is a peer-to-peer payment system. In 2017 Google launched TEZ a payment app that utilizes Unified Payments Interface (UPI). Later in 2018 TEZ came under the Google branding and further its name was changed to Google Pay.

In GPay payments can be easily received to the bank accounts. It does not send credit or debit card details with payment, instead generates a virtual account number representing the user's account details. The customer’s details are securely maintained during the transactions. When using GPay on a mobile phone it requires a screen lock to be set on the phone.

Link the user account with GPay then set the UPI pin for the transactions. Currently, the app is available in eight regional languages. The compatibility of the app has made users and retailers use it on a large scale. In 2020 Gpay was available in 40 countries.

Gpay is being the simplest method to manage payments, with a clear understanding of spending and savings. When a transaction is completed, Gpay excites the customers with rewards, and when you scratch the reward users can avail cashback or redeem codes for purchases. According to the reports, Gpay net profit jumped to Rs.53 crores in 2021 from Rs.33 crores last year 2020. Currently, Gpay holds a profit of Rs.1498 crores in 2021. GPay is used by 150million people worldwide, which competes with Paytm and PhonePe. Mobile recharges are a primary source of revenue from the SIM operators.

In 2020 Gpay was designed which contains messaging capabilities and redeeming personalized offers and even made food delivery apps integrated to it. Over the past few years, mobile payments have been creating a larger impact on business and personalized transactions. Most e-commerce websites accept shopping transactions from digital wallets such as Gpay, Apple Pay, and Alipay. It is predicted that at the end of 2023 70% of the eCommerce shopping will only be through digital wallets.

Gpay has shown improvised user experience, advanced security and protection features and integration across various platforms and made customers' experience easy and comfortable. The majority of the retailers promote Gpay as their transaction because of their security standards and ease of use by both customers and retailers.

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