Google Expands Payments Service in India, Targeting Projected $1 Trillion Digital Payments Market

NFC TIMES Exclusive Insight Google, its eye on India’s projected US$1 trillion digital payments market in five years, has rebranded its Tez payments service to Google Pay and is planning to expand its services, including to Gmail-based payments and, later, NFC.

While India’s digital payments market is much smaller than China’s, it’s much more open to foreign competitors. China bars most Google services and also those of Facebook. But both Silicon Valley-based companies are major competitors in India’s burgeoning digital payments market, though they are being slowed by Indian regulators, especially Facebook and its new WhatsApp payments service. Regulators are insisting that the companies demonstrate a greater local presence. 

Google and Facebook are competing against Indian digital payments market leader Paytm, which has substantial ownership from Japan’s SoftBank and Chinese digital payments giant Ant Financial. Another large competitor is India-based e-commerce company Flipkart and its PhonePe payments service. U.S.-based retail giant Walmart earlier this year bought 77% of Flipkart. 

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