Google rebranded its payments app Google Tez into Google Pay. It is for increase its market share in India’s payments market. It comes with some new features.
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 four leading banks like HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank.
Google’s general manager (payments) Caesar Sengupta said, “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”.
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.
Google said, “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”.
As it 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 says it has 22 million monthly active users on Google Pay who have made over 750 million transactions with the average annual transaction of 2 lakh crore.