Google is upping its game within the race for India’s quick growing digital payments market.
The company has partnered with four Indian banks to permit users to induce loans via Google Pay, it proclaimed on Tues.
Customers of these banks use the Google payment platform will get “pre-approved instant loans” and have the cash deposited straightaway in their accounts through the app.
The feature ought to be unrolled among ensuing few weeks, aforementioned Caesar Sengupta, the manager spearheading Google’s push into rising markets.
“We’re operating to expand monetary inclusion through Google Pay by creating the complete loans method easier, faster and additional direct,” Sengupta aforementioned at an occurrence in Indian capital.
Google’s Indian payments app, launched a bit under a year agone as Google Tez, has around twenty two million monthly active users. the corporate is rebranding the app as Google Pay to bring it beneath Google’s world digital payments umbrella.
“Over time we’ll bring several of those options to Google Pay users in alternative countries, even as we’ll bring options we’ve launched elsewhere to Republic of India,” Sengupta aforementioned.
Google’s push to grab additional of India’s digital payments market pits it against world rivals admire Facebook, that is testing a payments service in Republic of India on its electronic messaging platform WhatsApp, and native rivals Paytm and Flipkart.
“All belongings you love can stay same,” aforementioned Caesar Sengupta, GM, Payments and Next Billion Users Initiative at Google, at the event emphasising the very fact that this is often a mere rebranding exercise and not the dilution of a pre-existing service.
“The several things that you just love regarding the app – the acquainted contacts on your homescreen, the one-touch mobile recharges, and after all the fun offers and rewards – square measure all here to remain. In fact, over time we’ll bring several of those options to Google Pay users in alternative countries even as we’ll bring options we’ve launched elsewhere to Republic of India,” Sengupta additional in an exceedingly diary post.
Google Pay is obtaining integration for loans together with Federal Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and others. The loans are going to be pre-approved and can lean solely to bank customers through the banks. Google Pay can basically work as associate degree go-between. The pre-approved loans begin showing within the app within the returning weeks.
At the event, the technical school big proclaimed that twenty two million individuals currently use Google Tez each month and have created a complete of 750 million transactions since launch in Gregorian calendar month last year. the corporate additionally claimed that monthly BHIM UPI transactions have big 14x since the launch of Google Tez.
The rebranding rollout can complete within the next few weeks. Merchants can get the choice to change payments directly from their app wherever customers will simply swipe the Pay button to form payments to their close merchants. there’ll even be associate degree choice to show a QR code to customers to form seamless payments. The merchants can get dealing history on their app in conjunction with the image and name of the shoppers and therefore the quantity they’ve paid also because the dealing ID for every dealing happened within the past.
Back in March this year, Google Tez had additional an easy chat feature permitting users to speak with their contacts aboard at the same time causing and receiving cash via UPI.