Tag: best recurring payment gateway

Google Pay – Money Made Simple

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Google Pay.

Do you want a single platform for managing UPI money transfer, phone recharge, QR code payments, bill payments, and other cashless transactions? Your search ends with Google Pay. A robust platform that enables you to go cashless, Google Pay has established itself as one of the top names in the digital payments segment. Bank transfers, sending and receiving money, online shopping, and several other services have become as easy as cracking an egg with Google Pay.

Millions of Indians now rely on this Google offering for all their payment-related needs. And the number continues to increase with each passing day. StartupTalky covers the Google Pay success story in this post. So, dive into it below:

Google Pay – Company Highlights

Startup Name	Google Pay
Headquarters	Google, US
Sector	Fintech
Founders	Sujith Narayanan and Sumit Gwalani
Founded	September 11, 2015, and then renewed on January 8, 2018
Website	pay.google.com

Google Pay – Latest News

December 21, 2021 – Google Pay and Mastercard ties up to enable the GPay users to transact with their Mastercards via token, without having to use their debit card details.

Google Pay – About
Google Pay – Startup Story
Google Pay – Founders And Team
Google Pay – Name, Tagline And Logo
Google Pay – Business and Revenue Model
Google Pay – Challenges Faced
Google Pay – Growth
Google Pay – Partnerships
Google Pay – Competitors
Google Pay – Future Plans
Google Pay – FAQs

Google Pay – About

Google Pay, often referred as G Pay is founded on May 26, 2011. Starting initially as Google Wallet, the digital payments platform has changed its name to Android Pay later on September 11, 2015. The app was then launched as Tez before finally settling on the name Google Pay on August 28, 2018.

Google Pay serves as a digital wallet-cum-online payment system developed by Google. The Google-powered digital payments platform enables the users to make contactless payments and purchases online via android phones, watches and tablets. iOS is another platform that supports G Pay for the users of India and the United States but with some restrictions. Google Pay works with Android Lollipop 5.0 and above.

The second most popular UPI platform in India helps the users to pay other merchants and individual users via the Tez mode, using QR codes, and through phone numbers.

The app is currently available for the users of 42 countries, as of 2021.

Google Pay – Startup Story

Google Pay was originally developed as Android Pay and was first released at Google I/O in 2015. This application was primarily modeled on Google Wallet that was released back in 2011. The technology of Android Pay was influenced by Softcard’s technology. Google then launched the payments app, Tez on September 18, 2017, pivoting the UPI system. Tez was later rebranded to Google Pay on August 28, 2018.

According to Sujith Narayanan, the Co-founder of Google Pay, it was while working on Google Tez (another offering by Google), he and his team realized that a consumer’s financial journey extends beyond digital payments. Moreover, there was a need to concentrate on the millennials in India and give them a new, fast and efficient way to handle their finances.

The founding duo finally decided on a product called ‘Google Pay’, which would redefine financial services for the millennials. Google Tez, a mobile payment service by Google that targeted users in India, laid the framework for Google Pay. Think of Google Pay as a superior version of Google Tez coupled with a plethora of offerings.

Google Pay – Founders And Team

Sujith Narayanan and Sumit Gwalani are the brains behind Google Pay.

Sujith Narayanan

Sujith Narayanan is the co-creator of Google Tez along with Sumit. Sujith is a veteran payments executive and has an enviable experience in the domain of financial services. He is also known as the co-founder of the neo-banking startup EpiFi. Sujith is an alumnus of the University of Calibut and Mahatma Gandhi University. Starting his career with Standard Chartered Bank, Sujith eventually resigned after 7 years as a National Sales Manager of the organization. He then joined Religare Macquarie Private Wealth as the Vice-President – Marketing and Channel Development before moving on to join Google.

Sumit Gwalani

Along with co-founding G Pay, Sumit Gwalani played an instrumental role alongside Sujith in starting EpiFi. He handled Google Tez’s operations in India. Sumit spent 12+ years at Google where he donned multiple hats. Sumit was a Research Assistant at the University of Columbia, Santa Barbara, before joining Trlokom as a Software Architect and eventually joining Google. Gwalani was a Computer Engineering student at the University of Mumbai from where he completed his Btech degree before pursuing a Masters in Computer Science from the University of Santa Barbara.

Google Pay – Name, Tagline And Logo

Google Pay is styled as G Pay. The logo of G Pay is cleverly crafted with the Google logo on one side and “Pay” on the other.

Google Pay’s tagline is “Money made simple”. A meaningful and interesting tagline, isn’t it? With Google Pay, handling money has become easier than ever.

Google Pay – Business and Revenue Model

Google Pay does not charge its users for their access to Google Wallet. GPay allows its users to send money to bank accounts directly and for free. Previously, the company had an agenda of adding a 2.9% fee upon topping up wallets via debit card, which has been taken off.

Being a digital payments platform, Google Pay mainly collects its revenues via transaction-based fees that it collects from the online and in-app payments of the banks and merchants. Advertisements and product offers within the Google Pay app are some other revenue streams of the company. It also earns considerably by using the users’ data that it collects.

In 2017 Google Pay had earlier witnessed a growth of its monthly active users, which was recorded at 67 million. The same has presently estimated at 150 million, as of 2021.

The app has enabled more than 2.5 billion transactions and currently has got a running rate of US $110+ billion in transaction value. Moreover, it is also important to note that now Google Pay also gives the users the privilege of paying over 200,000 stores that are based in more than 3500 cities and towns, and to 2700+ online merchants.

Google Pay – Challenges Faced

With the backing from Google, one of the largest organizations in the world, Google Pay wasn’t subjected to the problems that small-scale businesses and startups face while starting out. Neither was there any dearth of resources. Though not exactly a challenge, a technical glitch on Google Pay’s app in 2020 did become a trending topic for some time.

Several users reported the app saying that their bank accounts were removed from Google Pay without any notice. Complaints on the matter were frequently posted on social media platforms. However, the issue did not bring about any serious consequences. The Google Pay team suggested that it might have been an unintentional action on the users’ part that delinked the app and bank accounts. A fix was implemented by the team and the situation was restored to normalcy. Google India issued a statement when it was asked by NDTV Gadgets 360 regarding the glitch.

Ambarish Kenghe, the Director of Product Management at Google Pay said, “We are aware that some users faced difficulties with linking their bank accounts on Google Pay today. The issue, impacting a small number of users, was identified earlier today and our teams have worked to resolve it and have implemented a fix within the hour. The issue stands resolved and users will now be able to use the app normally. Users facing any issue should reach out to Google Pay support through our app. We regret the inconvenience caused and are committed to providing our users a seamless payments experience.”

Google Pay – Growth

In the year 2018-19, there was a lot of traction with the payment products. The team launched a few new features successfully and also revamped the payment products globally. Google Pay specially focused on partnerships, ecosystem approaches as it forged deep relationships with central bank and government to build innovative products collectively. This made the products work together within the ecosystem.

GooglePay currently retains 35% market share in terms of volume and 38% of the shares in terms of values, as of October 2021. The payments gateway has last recorded 129 crore transactions, which amounted to Rs 2.50 lakh crore. Some growth highlights of Google Pay are as follows:

Google’s digital payment platform Google Pay hit 67 million monthly active users in just 2 years since it made its debut in India
Google Pay had contributed 59% in digital transactions in 2019
Google Pay is the second most popular UPI platform after PhonePe

Google Pay – Partnerships

Google Pay has partnered with numerous organizations around the world to date. Here are some of the most prominent partnerships seen by G Pay:

GPay has announced of its collaboration with SBI General Insurance, which would help the GooglePay users to purchase SBI’s Genearl Insurance plan directly via the app on October 29, 2021
The digital payments giant has partnered with Visa on September 21, 2020 to help the Visa card users to tap-to-pay, thereby securing all the transactions made via the app
G Pay partnered with 90 banking institutions from 9 nations on September 20, 2021
Google Pay is firmly partnered with India’s financial ecosystem, said the internet major on September 3, 2021
G Pay partnered with Leumi, an Israel-based bank to enable the bank’s users to use the Google pay digital wallet on September 2, 2021

Google Pay – Competitors

Google Pay’s top competitors are Amazon Pay, PhonePe, Paytm, and Stripe.

Amazon Pay is a platform for digital transactions. It is similar to Google Pay in terms of functionality and features
PhonePe is popularly known as India’s leading payments app. It allows people to use BHIM, UPI, credit card, and debit cards to recharge phones and make payments
Paytm is an Indian e-commerce payment system. Paytm offers multiple services through its ecosystem; some of them are e-wallets, bill payments, phone recharges, and an online shopping store (in the form of Paytm Mall). It is headquartered in Noida, India.
Stripe simplifies the process of online payments.

Google Pay – Future Plans

Google Pay is always planning something new and unique for its users. The company has announced that it would be transforming its app into a personal finance hub for the users. This would further simplify the payment of funds to friends and family.

Google Pay – FAQs

Is Google Pay an Indian app?

Google Pay is based out of the Google headquarters in California, US. However, the payments app of Google is available for the Indian users and those who resides in Singapore and the US. Google India Digital Services Private Limited, headquartered in New Delhi, makes G Pay accessible for the Indian users.

Who is the owner of Google Pay?

Google Pay is owned by Google Inc.

Can I transfer funds directly to bank accounts via Google Pay?

Yes, Google Pay allows its users to link their bank accounts and transfer funds directly to others’ bank accounts.

December 23, 2021

5 Most Successful Recurring Payment Gateways in India

Customers are able to ease their lives by signing up for the services they require. This is why subscriptions and recurring payments are integral elements of our hectic daily lives. If you are among those who are seeking a recurring payment gateway to receive subscription payment in India or any other country, read the article below.

We’ll explain how to collect money. This is possible through an auto mode, which is a monthly subscription with an automated payment system that is activated. This is accomplished through recurring payment gateways.

However, before you jump into the list, let us understand what is a recurring payment gateway.

What is a Recurring Payment?
How does Recurring Payment Work?
Which are the best recurring payment gateways in Inia?

CCAvenue Payment Gateway
Razorpay Payment Gateway
PayPal Payment Gateway
LotusPay Payment Gateway
Paytm Payment Gateway

Conclusion
FAQs

What is a Recurring Payment?

**Recurring payments are transactions that are performed repeatedly and regularly over a specific time.**

The recurring payment is the type of transaction that gives merchants the chance to process authorizations. These are authorizations that could be different to the specific customer. A recurring payment can be fixed or multi-faceted. It could be also repeated billing.

Digital service providers around the world also offer services that allow users to pay for a subscription on a month-to-month basis, quarterly, or annually. These providers include MailChimp, AWS, Aweber and many others.

Service providers who aren’t located in India charge customers with US dollars. They will bill the subscriber monthly amount without the involvement of their providers. However, in India customers must prove that they have paid by using the second method. Automatic subscription fees are not possible for Indian businesses.

How does Recurring Payment Work?

The situation in India is somewhat complex due to the two-factor authentication procedure. This means that we’re required to use recurring billing processing. Recurring payment processors cannot accept online payments without an OTP (one-time password).

Every single person living in India uses OTP to process every online transaction. When we consider the transactions that are made with one click on the e-commerce sites like Amazon, Flipkart, etc. that isn’t really the same as an Amazon app, it’s the payment gateway. Anyone experienced with payments gateways knows that their OTP is a procedure that must be followed and can’t be avoided.

Typically, a customer purchases or registers to a particular service by using the payment gateway. The customer needs to pay for the service at a regular interval. These intervals could be weekly, fortnightly or even monthly.

The customer must provide the payment details like debit or credit card at the time of the initial payment. The payment information provided is then entered through the credit card processing system (not from the retailer). The bank is able to take any kind of transaction, either through a subscription or a regular payment gateway. They’ve already accepted such an offer to banks.

When the subscription is due for renewal, the system transmits an email to the payment gateway to process the payment. Based on the authorization previously granted that it has secured the transaction, the funds are then transferred to the seller.

How to Receive Recurring Payments From Your Customers

Subscription Vs One-time Payment

If you buy a product or service, you have to pay for the item. In the majority of cases, you only pay once. You can also choose to pay via the internet by using a payment processor. There are numerous payment options accessible. You can take advantage of one of them to grow your business.

But, there are numerous businesses where you need to pay on a regular basis. For example, subscriptions model businesses like Netflix, Disney+Hotstar, etc. Subscriptions and recurring payments require authorization from the customer to be paid off.

A customer must allow his bank to make automatic payments automatically. This is the reason why it is faster. This is the best option for businesses because it doesn’t require following up with customers.

Which are the best Recurring Payment Gateways in India?

There are various recurring payment gateways in India that allow customers to make payments online. Some of the popular ones are:

CCAvenue Payment Gateway

**CCAvenue is among the most popular payment gateways used by Indian merchants.**

With CCAvenue, you’ll be able to move beyond traditional invoices and billing. This provides an uncomplicated subscription service that is enjoyable to use. It is possible to build a custom subscription plan to meet the requirements of your company. It also permits recurring payments using various payments options.

It makes the process of payment simpler for users and guarantees prompt transactions. CCAvenue helps you avoid complicated calculations. There won’t be any delays in transactions when you use CCAvenue subscriptions that are automated.

Razorpay Payment Gateway

Razorpay UPI Autopay allows merchants to collect payment anytime. — *Razorpay UPI Autopay* allows merchants to collect payment anytime.

It is now possible to create recurring payments using UPI. UPI AutoPay (also known as UPI recurring) lets merchants select the debit card for users. This is not just beneficial to existing businesses but also provides an even wider market. It also allows businesses to look into new revenue streams by incorporating the possibility of up-autopay.

UPI Recurring is providing adaption across all major UPI Apps. It is supported by BHIM, HDFC, iMobile and is expected to get more support.

Razorpay Recurring Payment Charges

The standard transaction fee for payment gateway:

Plans	Pricing
Indian debit and credit cards	2% per transaction + GST
Net banking	2% per transaction + GST
UPI & Wallets	2% per transaction + GST
Diners, Amex, International cards & EMI	3% per transaction + GST
Additional charges on subscription	0.9% charges to every payment

PayPal Payment Gateway

**PayPal Recurring Payments allow invoicing your customers for digital and physical items as well as services.**

About 200 million users around the world utilize PayPal for online payments. PayPal is the largest provider of 35% of all world’s payments. This is a fantastic option to accept payments for memberships, and more.

PayPal subscriptions let you manage the recurring payment for specific services. Using this type of payment, you can establish billing intervals, frequency and other options.

LotusPay Payment Gateway

LotusPay helps to automatically collect recurring payments from the customers' bank account. — **LotusPay helps to automatically collect recurring payments from the customers’ bank account.**

LotusPay provides a recurring payment system for companies located in India. NACH platform is a simple dashboard with REST APIs, as well as mobile SDKs. All this is to manage subscriptions, plans, users, settlements and payments. It secures the money and then sends them to you promptly. All of it is fully automated.

How does it work

You can make general plans that include different amounts, frequencies and lengths. You may even design a plan with flexible payment. Custom subscriptions are also designed for specific customers.
Users will receive authorization links to your page. All you have to do is add your personal details. Then, authorize the mandates.
The process is secured through banks’ channels. It is active within 1-2 days. When the due date for payments is reached, it will automatically debit the account of the user. It is done according to the schedule of subscriptions. They then pay the money to you.

LotusPay Recurring Payment Charges

Plans	Pricing
Standard charges	1% per successful transaction
Maximum fee	Rs.50
Minimum fee	Rs.5
Monthly fee	Rs.0
Setup fee	Rs.0
GST taxes applicable

Paytm Payment Gateway

Paytm lets you make subscription payments that aids merchants in collecting recurring payments. This is done without having to explicitly go through the repurchasing procedure. This method is utilized for products that are used on a regular basis. Transactions are performed periodically by the customers.

**Paytm gives merchants seamless ways to take the subscription payment from their clients.**

Paytm Recurring Payment Charges

There are no one-time or recurring charges for setting up and running your Paytm for business account.

Conclusion

Credit and debit cards are the most common method for conducting a digital transaction in India. This was made possible by the advent of UPI. UPI (Unified Payments Interface) has evolved into an alternative for continuous payments. It lets transactions be dependent on the pull.

The seller is only required to begin the process with the intention of deducting the subscription each month. Subscribers will be enrolled using an m-PIN. This allows the seller to make it simpler to avail of the services without needing the card or account information. A recurring subscription is purchased with a credit card only. There’s a chance it could be purchased with debit cards too.

Hope that you’ve grasped the concept behind recurring payment gateways.

FAQs

How do recurring payments benefit consumers?

Recurring payments are more convenient for customers since they have to enter the billing information only once. The recurring payments begin there and they then deduct the amount out of their account at exactly the appropriate date on the day of their bill.

How does recurring payment work?

Recurring payment allows the customers to authorize the merchants to draw funds from their accounts regularly for purchases and services that they receive on a regular basis.

Which payment gateway is best in India for startups?

These are just a few of the most well-known payment gateways that are popular in India.

CCAvenue Payment Gateway
Razorpay Payment Gateway
PayPal Payment Gateway
LotusPay Payment Gateway
Paytm Payment Gateway

Is recurring billing good?

A recurring bill is a system that allows businesses to accept ongoing payments however, it is able to obtain the card details from the customer just once. Recurring billing is beneficial for business owners because it guarantees an unpredictable flow of cash while the automated configuration can cut down on time and costs.

November 1, 2021