Indian banking system is quite unique in ways beyond one can expect. Though rated as a developing nation, the banking systems in India are quite intuitive and advanced, all thanks to having a majority of the population not equipped with skills needed to operate complex systems. Considering the large population that India has (2nd highest in the world but poised to be the most populated nation eventually), any product built aiming at Indian users mostly banks on high volumes and low margin strategy. UPI – unified payment interface, is yet another break through secure system implemented by NPCI that has witnessed phenomenal growth over the past 3 years.
Google has been the front runner in catering its users with one of the most intuitive apps that has been built on top of UPI systems to enables users for easy P2P transfers and later expanded to a foray of services. As with any growing trends, competitors soon caught up and now Google Pay is being challenged by PhonePe as well as Paytm for UPI payments. Though each one of them still has their own strong points let’s try to discuss the road ahead for Google Pay.