Google CEO, Sundar Pichai, has made various announcements at the Alphabet’s earnings call about the Google Tez, a mobile application which was launched in India last month.Based on the Unified Payments Interface(UPI), the NPCI’s payment platform for India leverages on the banks of India for the payments.
Pichai has announced that the Google Tez app has received over 7.5 million downloads in a period of just five weeks since its launch in September. Further, the app has been used for more than 30 million transactions. Further addressing the successful launch of Google Tez app in India, Pichai added that he is extremely excited about the potential for the Indian cash-based economy.
Also, Sundar Pichai, responding to a question about why Alphabet and Google’s growth is burgeoning in Asia, he said that the company has been trying to lay the foundation for a very, very long time before the launch of Google Tez. Also according to the recent statistics, Google products have been heavily used in the region which has helped the company to build a user base in the region. Pichai noted that the mobile transformation may be a secular shift within the region, that helps accelerate growth and make a “virtuous cycle”, with new advertisers approaching.
Why Google invested in Google Tez app for India
Considering the engineering, go-to-market, and product teams in the region, Google and Alphabet have started to invest more and more in the region. Finally, Pichai well-versed a matter regarding how Google’s positioning itself in rising markets is totally different from markets just like the United States of America.
Talking regarding the various desires of various markets other than Google Tez, Pichai said, “On rising markets, we tend to do see a differentiated opportunity there partly as a result of the characteristics of how actually several of those markets came. Mobile first, I think, offers rise to alternative ways users are adopting our merchandise. And also, more significantly, the scheme, that is made around, thus as an example, if you are taking e-commerce, the type of models that are rising in these countries is a bit different. thus I feel we tend to see how to look at these markets with plenty additional thought and address them for the chance that they need, not simply apply our global products there. thus I feel that is what led us to do Google Tez in India. And we’ll thoughtfully cross-check the opportunities therein region and invest plenty within the years ahead.”