Wondering why Google Pay is the talk of the town? Here is everything you need to know about it.
Sending and receiving money online has become a common practice in India today. Digital wallets have been upping their game with unique features and smooth user interfaces. Google had brought Tez to join the league of digital wallets and handle everything payments related in India. It later re-branded the Tez app as Google Pay keeping in view the ever-growing UPI payments market in India. Google Pay has been launched with a slew of amazing features and its expansion plans are all set to transform the payments market in India.
How does Google Pay work?
Google Pay enables sending and receiving money, but unlike other digital wallets, the payments can be received directly into the bank accounts. So the entire concern of receiving money in wallets and then transferring into the bank account has been eliminated.
Interestingly, a person doesn’t have to be on the Google Pay app to receive payments. Google Pay simplifies the process of money transfer even through their website.
Though the primary function of the app is to allow simple money transfer transactions, it also allows the users to make payments in stores that accept UPI-based transactions.
The user has to do the following:
1. Link the bank account with Google Pay.
2. Set the UPI pin.
Google Pay boasts of many unique features in comparison to all the other options available in the market. Some of them are:
1. The transactions are instant
2. Money can be sent to and received directly from bank accounts
3. Tez Shield -- multi-layered security with 24*7 protection from frauds -- facilitates highly secure transactions
4. Because the money is transferred from bank accounts, all transactions whether small or big can be done through the app
5. The app is available in eight Indian languages, making it more acceptable
6. The app also provides multiple payment options which means the users can transact through their mobile numbers or even Virtual Payment Address (VPAs)
7. Scratch cards are another attraction as Google Pay provides lucrative cashbacks and offers on varying transactions. These cashbacks are directly credited to a linked bank account
8. The compatibility of the app with all the banks is further proof of its security, network-reach and service quality
Google Pay vs other UPI apps
Google Pay is more customised and hugely eases the entire process of money transfer and payments market in India.
It has introduced Google Pay for businesses, a special app that allows entrepreneurs to connect directly with customers and provide amazing deals. Companies that have their current accounts linked with the app can even receive payments up to Rs. 50,000 from the customers for free.
Cash Mode is another Google Pay feature that is unique. It allows users to transfer money to other Google Pay users in proximity without entering the bank details or mobile number.
Apart from these, Google Pay is all set to ace the feature of pre-approved loans by providing approvals to users through the app in a matter of minutes. It also aims at facilitating payments at retail stores such as Big Bazaar and FBB.
Google Pay is taking giant steps at revolutionising the payments market in India. Consumers/users will miss a hoard of features and easy money transfer transactions if they don’t use the app. If you are skeptical about mobile banking, check what makes it safe.