Google is gunning for digital payments in India
India is increasingly looking like the most important frontier for ecommerce and digital payments in the world right now. Amazon is investing heavily and Google too is looking to the sub-continent for profits. Google is going great guns on payments in India. There are more than a billion people there, after all.
Google India CEO Sundar Pichai said: “I think it’s a bold and courageous move and it is a platform shift for the underlying economy to try and digitize how cash moves around and we are excited by it.
“We are trying to understand what UPI (universal payment interface) is and the power of the stack that’s being built here, I think it’s truly unique to India. At the scale at which it can work I think is a unique opportunity. We’re excited and thinking hard about how to adopt to it.”
And it speaks to the Indian government’s hopes to modernise the national economy. There is very low use of debit and credit cards but mobile phones are becoming more popular. Technology companies could hold the key to the future of the country’s economy. That’s why the Indian government met with companies such as Google, Microsoft and Apple for talks recently.
India is looking very interesting right now. But how do European sellers tap into this ever-expanding market? Are you taking advantage?