Establishing operations in GIFT city will likely propel GPay's progress in Southeast Asia and beyond
GPay has cemented its position in India’s UPI landscape. Establishing its operations at GIFT city will likely propel GPay’s progress in Southeast Asia and beyond
Image: Dhiraj Singh/Bloomberg via Getty Images
Google CEO Sundar Pichai announced plans to open a global fintech operations centre in Gujarat’s GIFT city during Prime Minister Narendra Modi’s visit to the US. He said the move will “cement” and “build” on India’s fintech leadership - founded on the United Payments Interface (UPI) and Aadhar ID system - and “take it globally”.
What exactly will the fintech operations centre entail?
The operations centre will house employees working on specialised operations supporting Google Pay (GPay), which accounted for almost 35 percent of the total Unified Payments Interface (UPI) transactions by volume and 34 percent by value in May 2023, behind Walmart backed PhonePe, which accounted for 47 percent of total UPI transactions by volume and 50 percent by value. It will also be home to teams working on other product operations at Google.
While Google did not let in on how much employment this will generate, a spokesperson told Forbes India in a statement, "This will support small and large businesses in India, the US and around the world.”