Digital payments have revolutionized the Indian economy, and the Unified Payments Interface (UPI) has played a pivotal role in this transformation.
In a significant development, Google Pay has collaborated with the National Payments Corporation of India (NPCI) to enable UPI payments using RuPay cards.
This partnership aims to provide Google Pay users in India with more options for making digital payments, thereby accelerating the adoption of digital transactions across the country.
Google Pay users can now link their RuPay cards to the app and use them for making payments at both online and offline merchants.
This new feature is currently available to RuPay cardholders from several major banks, including Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank of India. Furthermore, more banks are expected to join this initiative in the near future.
How to use RuPay Cards on Google Pay for transactions
To initiate UPI payments using RuPay cards, users need to follow a simple process.
First, they must add their RuPay card to their Google Pay account by accessing the Settings on the app, selecting the setup payment method option, and adding the required card details.
Once the card is added, users can activate it by choosing the “RuPay card on UPI” option in their profile and selecting the relevant bank that issued the RuPay card.
To ensure secure transactions, users are prompted to set a unique UPI PIN.
After completing these steps, they will be ready to make payments with their RuPay card through UPI at various merchants.
If we analyzed the UPI payments numbers in India, PhonePe has emerged as the market leader in India, demonstrating impressive figures in terms of transaction count, volume, registered users, and merchant coverage.
As of March 2022, PhonePe commanded an impressive 49% market share in transaction volume.
Google Pay, on the other hand, held the second position in the UPI market, with a market share of just over 34% during the same period.
Although Google Pay experienced a significant month-on-month growth rate of 16.35% in UPI transaction volume, its overall market share remained consistent from February 2022.
With this new feature, Google Pay has introduced a feature that allows users to make payments using their RuPay cards directly, eliminating the need for the Google Pay app.
This move of RuPay card payment using Google Pay aims to enhance the convenience and accessibility of digital payments by enabling users to transact with their RuPay cards seamlessly, regardless of whether they have the Google Pay app installed on their devices.
Similarly, this new functionality simplifies the payment process and expands the scope of digital transactions for RuPay cardholders in India.
Previously, users were required to link their RuPay cards to the Google Pay app to make UPI payments.
However, with the latest update, RuPay cardholders can now utilize their cards independently, without relying on the app for transactions.
This means that users can directly use their RuPay cards at online and offline merchants where RuPay cards are accepted, without the intermediary of the Google Pay app.
It allows individuals with basic mobile phones or feature phones to participate in the digital payment ecosystem without requiring a smartphone or an internet connection.
This accessibility empowers a broader segment of the population to embrace the benefits of digital transactions, contributing to the government’s vision of a more inclusive and cashless economy.
To conclude, The collaboration between Google Pay and NPCI to enable UPI payments with RuPay cards marks a notable step toward expanding the digital payment ecosystem in India.
By allowing users to link their RuPay cards to the Google Pay app, this partnership offers enhanced convenience and flexibility, ultimately fostering the widespread adoption of digital payments across the country.
As more banks join this initiative in the coming months, a larger user base will be able to leverage the benefits of UPI payments with their RuPay cards, contributing to the overall growth and development of the digital payment landscape in India.
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