In an attempt to increase its market share in India’s payments market, Google today re-branded its payments app Google Tez into Google Pay, introduced new features and widened its scope with new tie-ups. 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 program, customers will soon be able to obtain loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank.
“In the coming weeks, these customers will be able to utilize Google Pay to take a customised loan amount in their own banks, with minimum paperwork, and as soon as 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 stated.
“The world has taken notice of India’s digital payments achievement and our profound investments here with Tez. Launched last September first in India as Google Tez, the Google Pay will then be offered in other countries. Google said it will be unifying all Google’s payment offerings globally.
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