Google today re branded its payment application Google Tez into Google Pay, presented new highlights and enlarged its extension with new tie-ups. At its yearly occasion Google for India, the giant tech company reported its association with private banks to encourage pre-approved instant loans right away to Google Pay clients.
With Google Pay application, clients will soon be able to get loan from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. “In the coming weeks, these clients can get instant loans from Google Pay app with minimal paper works, and once they accept the bank’s terms, money will transfer in to their bank account. Google’s GM (payments) Caesar Sengupta said.
The UPI based payment system was launched first in India last September as Google Tez, the re-marked Google Pay will now be offered in different nations as well. Google said We have learnt that when we build for India, we build for the world. 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.
Google Pay 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 e-Zone, Big Bazaar 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 cashback.