At its annual Google for India event, Google announced that Google Pay, which was earlier known as Google Tez, will offer instant bank loans also to its users with minimal paperwork.
New Delhi: In a bid to increase its market share in India’s payments market, Google today rebranded its payments app Google Tez into Google Pay, introduced new features and widened its scope with new tie-ups. At its annual event Google for India, the tech giant announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers.
Using the Google Pay app, customers will soon be able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. “In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account," Google’s general manager (payments) Caesar Sengupta said.
Launched first in India last September as Google Tez, the re-branded Google Pay will now be offered in other countries too. Google said it will be unifying all of Google’s payment offerings globally.
“The world has certainly taken notice of India’s digital payments success and our deep investments here with Tez. Many governments are asking us to work with them to bring similar digital payments innovations to their countries," Google said.
Google says it has 22 million monthly active users on Google Pay who have made over 750 million transactions with average annual transaction of 2 lakh crore.
As its expands the scope of Google Pay, the service will soon be available at over 2,000 online merchants and e-commerce websites including Redbus, BookMyShow, Mi and Goibibo, besides over 15,000 retail stores like Big Bazaar, e-Zone, and FBB.
Google CEO Sundar Pichai had said Tez is central to the company’s India strategy and also key to its global payments push. The payments app has localized, supporting several Indian languages, and is chasing young users with games that offer cashbacks.
Paytm remains India’s largest digital payments company claiming to have 150 million app downloads.