Starting next week, Google will roll out an update for Google Pay that will allow users more control over how their transaction data within the app is used for delivering a personalised experience. All users in India will be asked for their consent on whether they would like to turn on the data safety controls as soon as they update to the next version of the Google Pay app.
Google said that if users switch on the ‘Personalisation within Google Pay’ toggle, they will receive more relevant offers and rewards based on their activity within Google Pay, including their transaction history.
“As India embraces digital payments, we remain committed to bringing the industry along to ensure that we keep raising the bar to deploy state-of-the-art data security and privacy measures and put the users in charge of how their data is used,” wrote the company’s blog post.
In terms of the market share for transactions on the Unified Payments Interface (UPI) network, Google Pay ranks second. In January, of the 2.3 Bn transactions recorded on the UPI network, PhonePe led the table with 968.72 Mn UPI transactions, followed by Google Pay with 853.53 Mn transactions.
According to KalaGato’s latest report on UPI-enabled fintech platforms from November 2020, Google Pay was the most dominant payments app in terms of reach among internet users with 65% reach, followed by PhonePe with 63% penetration and Paytm at 57% reach.