Google relaunched its payment app google Tez as Google Pay. New features have been introduced to widen its scope with new tie-ups. Google Pay will host a new line of features like pre-approved loans. Tez was launched in September 2017 and was built over UPI interface. Since the launch, it is downloaded over 50 million times and has over 22 million active users worldwide. There have been over 750 million transactions adding upto $30 billion.
Loan Disbursement through Google Pay
The tech giant announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers. Google executives announced it at their annual event Google for India.
Using the Google Pay app, the customers can get loans from the following banks:
- HDFC Bank
- ICICI Bank
- Federal Bank
- Kotak Mahindra Bank
Google’s general manager Caesar Sengupta said that in the coming weeks, the customers will be able to take out a customized loan amount from their banks using Google Pay with minimal paperwork. Once the customer accepts the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account. However, there is no plan of partnering with non-banking entities.
In the US, users are able to attach money through emails and the re-branding of the app allows it to bring these services to India. The general manager also said that “Many countries like India are on their journey of digital transformation, where Tez could be useful”. Google Pay is currently operational is 18 countries across the world.
Sengupta said, “There are many countries that have approached us where they either have UPI-like system or in partnership with other players.”
Google CEO Sundar Pichai said that Tez is key to global payments push. The payment app also supports several Indian languages. Exciting cashback offers are provided to attract young users. In competition, Paytm remains India’s largest digital payments company claiming to have over 100 million app downloads.
Expansion of Google Pay
As Google pay expands, the service will soon be available at over 2000 online merchants and e-commerce websites. Few of those being Redbus, BookMyShow, Mi and Goibibo.
It will also be expanding its operations to physical stores such as Big Bazaar and FBB and also smaller merchants such as kirana stores. Google Pay will be available in 15000 big brands soon. Sengupta said, to bring smaller merchants, they will run a pilot in Bangaluru and Delhi. This will help them understand which features will work better before expanding it in India.