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Google, Walmart Lead Mobile Payment Market in India

Google, Walmart Lead Mobile Payment Market in India
  • Google and Walmart now lead in terms of mobile payment services in India
  • Google recorded almost about 75 million transactions for its users, following Walmart with over 60 million users.
  • Japan-based SoftBank also claims to have gained 30 million users.

According to TechCrunch, Google and Walmart are leading in the mobile payment market in India. In fact, Google Pay dominated almost about 75 million transaction users within the last couple of months.

As both parties experienced massive traffic, Walmart’s PhonePe also recorded a total of 60 million users alongside Google. However, they have yet to verify the day-to-day transaction volume of both platforms.

In comparison with the above-mentioned, Japanese firm SoftBank’s Paytm app also announced to have had about 30 million transacting users.

Additionally, SoftBank allegedly said it has 10 million transacting users per day, although it has yet to back it up with data. Yet, Google continues to outperform and maintain its user reach merchant seat despite SoftBank’s rumors.

Reuters reported that Google is facing lots of complaints in India for promoting its Android app store with force gains.

Over the allegation, India noted that Google abused its marketplace for unlawful platform promotion.

According to a spokesperson, Paytm resisted the interest in accepting the Unified Payment Interface (UPI) features. This contributed to the platform’s sluggish anonymity.

The UPI acts as an infrastructure enabling the transfer of money from different banks and eliminates separate mobile wallets.

UPI spokesperson said,

We are the company that cherishes innovation and technology that can transform the lives of millions. We understand the importance of financial technology and for this very reason, we have always been the champion and supporter of UPI.

Meanwhile, cryptocurrency-based earnings will be taxed in India. The country is known to have a back-and-forth stance regarding the legality of Bitcoin and other altcoins as payment for e-commerce and other transactions.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.