Google presented its digital money transfer
app Google Pay in 2017. It was officially launched in January 2018 when Google
unified Android Pay and Google Wallet into one. It was originally named Google
Tez but later rebranded to Google Pay.
Google Pay is a UPI based transaction portal where money can be transferred between both individuals and businesses. Payments can be made through phones, computers, and tablets. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).
Google Pay is available on the Google Play Store and can be downloaded and registered in a few steps.
Download Process of Google Pay
- Open Google Play Store on your device.
- Search for Google Pay
- Select the Google Pay icon and then click ‘install’.
- The app will be downloaded onto your device.
- Open the app and select your desired language.
- To register your bank account of choice, enter the phone number associated with the account.
- You will need to verify the phone number by an OTP that would be sent to your phone.
- Add your email address.
- You will be asked to either secure the app with a different pin or use your existing phone screen locking system (if applicable).
Registration Process for Google Pay
- A bank account is to be added for which you have to select your bank from the list the app provides.
- Once a bank is selected, the app automatically finds the account linked to the phone number provided in the selected bank.
- Select the bank account when the app returns the searches.
- You will have a UPI ID provided at this point.
- Select a UPI pin, which is usually a 6 digit pin to ensure that no transactions can occur without proper authorization.
A user has the option to add and access multiple bank accounts to the app. However, one phone number can be used to access one account at a time. For multiple accounts to exist, each needs to be associated with a different phone number. However, switching between multiple amounts during a transaction is a two-click process. Whichever account the user decides to transact from can be switched to as the ‘primary account’.
Google Pay can be used to transfer money to the following –
A bank account- The user can transfer money to any beneficiary by using their bank account number. The Google Pay app allows money to transfer through UPI mediated payments. The steps that need to be made are:
- Open the Google Pay app.
- Next, go to the ‘new payment option’
- The tab will display the available payment options.
- Select the ‘Bank transfer’ option.
- This takes the user to the field of bank details. Enter the Account number, IFSC code and the account holder’s name.
- Next, enter the amount of money that is to be transferred.
- Enter the UPI Pin and complete the transaction.
A phone number- Making transactions using Google Pay app is very easy. The user should:
- Open the Google Pay app.
- Next go to the ‘new payment option’
- The tab will display the available payment options.
- Next select the ‘mobile number’ option displayed on the tab.
- In case the user has a history of transaction with the same number, he/she can directly select it from transaction displayed at home tab.
- Enter the mobile number and the amount of cash that needs to be sent.
- Complete the transaction by submitting UPI Pin.
A UPI ID/QR code- This process is similar to the others but involves the receipient’s UPI ID or scanned QR code. To perform this transaction:
- Go to the Google Pay App.
- Select the option for a new payment
- Select the UPI ID or QR Code as choice of new transaction.
- Enter the UPI ID or open the lens to scan the corresponding QR Code.
- Confirm the receipient’s details by cross-checking the displayed profile name.
- Enter the amount of due payment.
- Finish the transaction by entering the UPI Pin.
Google Pay can also be used to pay bills and recharge mobile phones. Most e-commerce portals today come with an option of making a payment via Google Pay. Other users can also send you a payment request. The request opens up a chatbox through which the amount of money can be specified. Small messages or descriptions can be attached to payments if the user wishes. Every transaction needs to be authorised by the UPI pin set during the set up of the application. Without the pin, the app would not allow the transfer of money.
Maximum transfer amount
The NPCI enables a maximum transfer of Rs 1 lakh in 24 hours via Google Pay.
Google Pay for Business
Google has launched a separate app for business owners to utilise for businesses of any size. There are no fees on commercial transactions, even on this app. Customers can transfer money to businesses without any extra cost. The app provides facilities to keep track of transactions and performance which can be analysed by the business owners.
Features of Google Pay
- The app enables an extra layer of protection by keeping the most crucial bank details, like account number shielded from public knowledge.
- The app also does not ask for debit or credit card numbers or CVV codes.
- Each transaction is recorded and can be accessed for receipt later.
- Any incomplete transaction is immediately notified.
- Google Pay provides a list of past transactions that occurred via the app, similar to a passbook.
- Users are notified when any contact in their circle joins the app.
- There is a list of offers that the app provides, which can be availed by users to earn rewards.
- Google Pay offers a referral code to each user. If another person uses the referral code while sighing up to the app, both the parties win monetary rewards after the new joiner completes his first transaction.
Transaction procedure for Google Pay:
Google pay or the Tez
app helps simplify the day-to-day transactions of an individual and make them
possible with just one click.
There are several
payment options available on the app. The basics of the transaction made on the
app are possbile through several modes such as:
- The user can make transactions without any hassle using the direct or the cash mode that only requires audio signalling that can occur as QR form and with the permission of Google Pay these signals are utilized for the cash payment to the concerned authority.
- The next mode of transactions is making the payments on the phone number. This involves sending the desired amount to the phone number of the receipient by entering the UPI Pin on your G-pay app.
- Another mode of transaction is that involving the bank account number. The Google Pay app allows the user to transfer money directly into another person’s bank account by the help of UPI. It only requires an account number and IFSC code.
- The Google Pay creators were one of the pioneers in UPI transactions. They facilitated transactions from one user’s UPI linked bank account to the other UPI ID.
- A quick mode of making transactions is that by scanning a QR code. The shops or vendors have registered QR code that the customer can scan through Google Pay and make the total payment using their UPI. A user can also create a QR code for their own device by the QR generation option available on the app.
Advantages of using Google Pay
- The maximum possible amount that can be transferred is considerable and only considers 24 hours before resetting.
- Multiple transactions can be made within a very short duration of time.
- Google Pay can be used by users to transact money over with any party that the user is wary of sharing bank details with. A UPI id is supported over multiple transaction portals and can be used for money transfers in such cases while keeping bank details safe.
- Any amount of money debited but failing to reach the destination account is returned within a maximum of 5 days.
- The app also enables the users to check the account balance of the linked accounts.
- Google Pay transactions come with a reward system wherein scratch cards can be won on certain transactions. Both money and discounts on certain commodities can be won from the cards. The money won is directly deposited in the bank accounts.
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Google Pay FAQs:
1. Is Google Pay free?
Yes. There are no installation charges.
2. Can Google Pay be used on iPhone?
Unfortunately, in India, only an Android version is available. However, an iOS version is expected soon.
3. When doesn’t Google Pay work?
If your bank whose account you are using is facing server failure or other technical issues, Google Pay may be unable to transfer money.
4. Can Google pay be used without the internet?
No. Internet is required to maintain connections between different accounts.
5. Where is UPI ID on Google Pay?
It is displayed right below the user’s name and phone number in their profile. It looks like an email address.
6. What does one need to make transactions using Google Pay app?
One only needs a smartphone, a bank account and a linked phone number to start using the google pay app.
7. What is upper limit of transactions that can be done using a Google Pay app?
The maximum amount an individual can use to make transactions is Rs.1 Lakh. Also, the app allows the user about 10 transactions per day.
8. Can one have more than one bank account linked with Google Pay?
Yes, the app allows the user to link more than one bank account provided that the registered mobile number with the bank account is utilized on the smartphone to receive OTP.
9. Does Google Pay violate any safety guidelines?
No, overall the app is secure to use and does not involve any fraudulent practices associated with the bank account information of the users.
10. What are permissions that the Google Pay App asks for use?
The Google Pay app asks for the users consent to allow the access to individual’s SMS and camera for the communication of OTPs or unsecure logins.