Google Pay is in the process of working and complying with the data localisation circular, a top company official said on Wednesday.
The company's monthly active user base grew three times to reach 67 million in September 2019 up from 22 million in September 2018, Sajith Sivanandan, managing director and business head of Google Pay and Next Billion User Initiatives, said. “We have grown three times in terms of monthly active users and about 67 million monthly active users as of September 2019 and that is up from 22 million users in September 2018.”
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He spoke to reporters after announcing the rollout of the company's merchant-focused Google Pay app—Google Pay for Business—in Hyderabad.
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The Reserve Bank of India had earlier directed all global payment companies to store transaction data of Indian customers within India.
Without elaborating on the time to be compliant with data localisation norms, he said: “We are in the midst of it... and we will comply with it 100 percent.” He further said the total number of transactions on Unified Payments Interface in October 2019 alone crossed a billion transactions.
“UPI transactions have grown 60 times in last 24 months. UPI has outpaced all other digital payment modes (by clocking) over a billion transactions that happened in October alone,” he said.
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