13 April 2021
OnePlus Pay mobile payment service that the company first introduced in China might soon launch in India as well. Well, a new trademark filing suggests this be the case. As fetched and reported first by the tipster @stufflistings, OnePlus appears to have filed for the “OnePlus Pay” trademark for India. It is possible that if all goes well, we might see the service getting introduced in the country soon.
OnePlus Pay is an NFC-based mobile payment solution that was launched in China last year. To use the service, OnePlus users will have to set the app as their default NFC-based payments app and enter the bank details. Once the setup is done, the service will be activated and ready to go.
As apparent from the only screenshot shared by the tipster, the trademark was filed just recently. It was filed on March 30th this year.
The OnePlus Pay might come with the wallet service along with the NFC-based payments so as to compete against the likes of Paytm, PhonePe, Apple, Google, and Samsung payment services in the country. According to a report from S&P Global Market Intelligence, Amazon Pay, which entered the UPI space in mid-2019 is yet to match the popularity of the other UPI incumbents.
The report further states Google Pay and Walmart-owned PhonePe are leading the UPI payments market in the country as their respective apps have so far made over 7 billion transactions alone so far, “representing more than two-thirds of UPI transactions in 2019 alone.”
UPI and NFC-based payments are on the rise in India. So, it is obvious to see new contenders entering the market to grab a chunk of it, at least. According to the report, India’s push toward cashless payments accelerated in the year 2019 and is on the rise already.
Mobile payments initiated by payment apps comprising account-to-account transfers and payments made from stored-value accounts rose 163% to $287 billion in 2019.
Google, PhonePe, Paytm and Amazon Pay are seeking to become an integral part of customers’ daily lives by extending mobile payments to taxi-hailing, shopping and other cases of personal consumption. Payment app users can buy electronic goods, groceries and clothing; order food; and book hotel rooms and bus and airline tickets. Customers can access instant credit, buy insurance policies and invest in gold and mutual funds through the apps.
It would be interesting to see how OnePlus makes its way into this fierce competition.