Alphabet Inc.’s Google is aiming for a piece of India’s booming—but increasingly crowded—mobile-payments business.
The Mountain View, Calif., tech giant on Monday launched its first-ever smartphone app that lets users transfer money to individuals and businesses in the country without the use of a credit or a debit card, a crucial factor since many here lack plastic.
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So, to re-cap the state of play as people leapfrog from cash (over credit cards) to payments via smartphones here:
- Paytm — which we profiled back in June — is the market leader, with more than 225 million users. There are other popular services here, as well, like Mobikwik.
- WhatsApp, with 200 million users in India, is exploring a payments feature.
- Hike, India’s biggest home grown app, added a payments feature a few months ago.
Watch this space.