The Google Pay app is currently one of the most popular payment apps you can use in India today. It is essentially a UPI-based payment app but has drawn attention for its ease-of-use as well as frequent reward programmes. While the app recently got an icon revision in India lately, Google is revealing a new update to the Pay app for the international markets. Heck, it might even launch a branded debit card. Also Read - Google Pay, PhonePe and other third-party UPI apps to face 30 percent caps on all transactions
Based on a teaser video, Google is going to reveal a new Google Pay app. There’s no revelation about the features of the app but Google says in its video description that “it will improve your relationship with money. It is coming to both Android and iOS, starting from the US.” Also Read - Google Pay disappears from Apple App Store, users could face payment issues
Some reports have stated that Google might introduce the concept of digital-first banking accounts to the Google Pay app. Basically, users could be able to do their online banking right from the app. The new Google Pay is said to have partnerships with two partner banks at launch. With the app, users can gain access to various budgeting services while the money is maintained by the banks. Also Read - Google Pay adds UPI recharge option for FASTag users: Here is how to link account and recharge
Google Pay Card possibly coming as well
The entire arrangement is said to include a Google Card, which is basically a debit card. With this, users can expect to withdraw money from their bank account but access Google’s insights, as well as budgeting tools, to reap benefits. The new arrangement is also said to include Google’s personal financing options for customers.
Currently, Google Pay in international markets is just a third-party app to enable NFC-based wireless payments. In India, the Pay app is essentially a rebranded Tez app, which itself was solely designed to enable UPI-based payments in India. It remains to be seen whether tonight’s announcements make their way to our shores.
A couple of weeks ago, the NPCI introduced a cap of 30 percent on all third-party payment services. This move is said to affect Google Pay’s business, which itself capture over 40 percent of the market share. The regulations require the operators to cut down the number of transactions they process starting in January 2021.