Google Pay to offer instant bank loans to its users
New Delhi : In an attempt to increase the market share in India, Google announced Google Pay, earlier known as Google Tez. This rebranded payment app will now provide instant loan to its users at minimal paperwork.
During Google's annual event held in India, the tech giant announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers. By using the app, customers can get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank in least possible time. “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.
Earlier in September 2017, Google launched Google Tez in India and other countries too. “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.
As per source close to Google, the company has 22 million monthly active users on Google Pay who have made over 750 million transactions with average annual transaction of 2 lakh crore. Now, the re-branded 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 pay has localized, supporting several Indian languages, and is attracting users with games that offer cashbacks.