How google pay makes money?

How google pay makes money

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Overview:

This article will tell you how google pay makes money. Before initiating our main topic of discussion let’s have a look at what does google pay mean? Google Pay is a payment method. By using cards that you have saved into your Google account you can pay money on sites. This method of payment is very easy, fast, and most importantly secure. Google Pay is trusted by millions because of the security that it provides to its users. It does not let any of your information go outside by using one of the best security techniques.

The interesting thing about google pay is that you can send money to anyone even if you don’t have a debit card. Moreover, you can also use a bank account and google pay hand in hand.

How google pay makes money?

The main focus of google pay is to expand its user base. But it doesn’t mean that they don’t earn. Google Pay has three revenue streams right now from which they earn. The first one is from mobile recharge. This online payment system is also used by users to get their mobiles recharged. Google Pay gets a commission from the company that provides services to its users. This commission is the first income of google pay. The second source where google pay earns is bill payment. Users of google pay use this payment method to pay electricity bills, water bills, DTH recharges, and bank-related transactions too. Moreover, postpaid bills and load payments are also paid when users use google pay for these purposes, the commission is paid to Google by the companies.

The third and most important source of their income is brand replacement fees. Different ads and coupons come across from Domino and lens kart is also their source of income. Google charges for these coupons.

How much it earns?

There are almost 19 countries using google pay for payment methods. But the country with the most number of users is India. It was introduced in 2019. According to research made in 2020, google pay earns more than 495 million dollars per day. In 2021 it made 159 crore transactions. Even if Google pays charges 0.1% fees which is very less than many online platforms then their revenue would be 300 crores. It has the potential to increase its growth. Google Pay earns money from all these sources and now has become very popular among people.

Advantages of using google pay:

Some of the advantages of using google pay are given below:

  • You don’t need to p[ay any extra fees to send money to your bank account.
  • You can pay by using a QR code and also by sharing your contact numbers.
  • This method is one of the most reliable and compatible methods of payment.
  • If you use google pay for any kind of payment you are 100% safe because of its trusted safety features.
  • This is also a very successful method of payment. You can pay money to anyone without any hurdles.

How to use google pay:

To use google pay, first of all, you’ve to download it. After you started you have to connect it to your Gmail. After certain permissions, you need to add a card for payment. This card can be a pay pal or your credit card. After getting verified by Google you can pay money on sites or in stores. The secure, innovative, fast mode and reliable method of payment was initially released on September 19, 2021. Till now it is being used by millions of people.

Conclusion:

This is all you need to know about this ever-expanding payment platform. Google Pay has top rankings in many countries like America. This app is considered to be the third most used payment app. In Canada, this app is in the top 5. India has more than 7 crore users of google pay right now. This type of payment prevents you from all kinds of fraud and this is the most reliable and trust worth platform. This app will surely make more profit in the future because even after conquering the whole field it is working hard to grow, more.

FAQs:

What is the biggest advantage of using google pay?

Google Pay is immensely famous because of its extraordinary features that are free of cost. You don’t have to pay anything to google pay. Google Pay does not charge anything at all. But sometimes you have to a very little amount to the bank or company from where you received your payment.

What is the main motive of google pay?

Its main motive is to increase the number of its users. Because their idea is to earn less from more people rather than earning more from fewer people. According to research, the payment method is used by 150 million users. So, it is evident how much it is trusted by people worldwide.

Ali

With an extensive background spanning six years in the field of content writing, he has cultivated a wealth of expertise, particularly in the realms of Automobile Business, Real Estate, and various other domains. His current portfolio includes notable contributions to renowned platforms such as Showroomex.com, Alphapmm.com, Fnconsultancy.com, FastExpressCarRental.com, and GlobalMarket.buzz.

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