What is the profit for phone Pay G Pay and Amazon pay? How do they make money?

 How does phone Pay and Google Pay Earn Money?

Google Pay is presently increasing its user base and not charging any cash from its users. however though Google Pay starts to form cash and earn revenues once a decade of its institution, it'll still receive a big quantity annually.

This is proved  by the statistics that show its current position within the market and recognition among the users at once. Google Pay makes cash through commissions, the commissions it gets for transactions from service suppliers and Bill payments. for each dealing that ya user makes mistreatment Google Pay, the App receives atiny low share from the corporate.

Revenue is that the preferred and outstanding means of constructing cash during this case. excluding that, there are in-app advertisements and merchandise displays to users. The ways of constructing cash off Google Pay, during this case, may be divided into 3 basic classes.

There ar 3 main categories through that GPay makes money:

• Bill Payments: The app permits you to pay your numerous bills like electricity, water, insurance, loan compensation, DTH recharge etc. for each group action that you just build through the app, it gets a commission from the corporate.
• UPI Transaction: Google Pay may be a UPI primarily based digital payment app that permits you to pay to the other GPay user through their registered signaling. This doesn't facilitate the corporate to earn something however it will offer the corporate access to user knowledge to figure on their product more.
• Mobile Recharge: Mobile recharge is that the primary supply of revenue for Google Pay. Whenever a user makes a recharge on a SIM operator from this app, GPay gets commissions for the group action.

Growth of Google Pay in India

Google mobile payment system Google Pay has emerged because the king of UPI payments in Asian country, with annualized group action worth value $110 billion. Google pay has one hundred fifty million monthly active users. in step with the tally information, the full worth of mobile billfold payments was Rs one.84 100000 large integer within the last twelvemonth 2018 to 2019.

In India, Google Pay is that the single largest UPI payments player in Asian country with a hr market share. The app resembles a conversation app that's straightforward to use and is offered in native languages.

The platform is employed by customers for purchasing train tickets, paying bills and even getting lunch period meals from street vendors. In India, native stores have begun to just accept Google pay payments via a phone application. Meanwhile, Google Pay platform’s update includes options like tokenized cards for safer payments, food security, google pay money for business, e-KYC and less complicated onboarding and donations.

In India, Google Pay is facing stiff competition from different fintech startups as well as wallets like Paytm, PhonePe, Amazon Pay and Airtel payments Bank etc. The future competition within the race is that the Whatsapp Pay service by Facebook.

Why do Google Pay and Phone Pay provide offers cashback?

Internally, Google Pay has Associate in Nursing initiative referred to as Project Cruiser Associate in Nursingd has developed an in-app engagement and rewards programme to lure additional users and merchants to its fold. At the center of this programme, Google Pay is docking its reward programmes with cashbacks — however with ways that tempt users to ‘try their luck’. 

once a dealing, users area unit rewarded with a digital scratch card and upon “scratching” the coupon, a cashback is attributable to the user’s checking account. The amounts that area unit given to users area unit randomized — some scratch cards enable users to earn in many rupees, whereas alternative users area unit rewarded with a message that truly says, “better luck next time.” Google Pay conjointly nudges new users to form a one-rupee dealing after they be part of the system. All new users, too, area unit rewarded with a scratch card once s/he with success joins in. 

It must be understood that Google, the maximum amount because it insists that it's a technology company, is an internet advertising monopoly. The chalice of any advertising company is to demonstrate to a possible consumer that an advert on their platform results in a buying deal, either on-line or offline. the hunt for school giants like Google is to trace an internet ad’s performance within the offline world. during this quest to urge additional knowledge on offline purchases, Google signed a accord with MasterCard in August 2018. It may be argued that Google Pay is another arrange to get additional knowledge concerning its users for his or her offline purchases.