(Image source from: English News - Dailyhunt)
Preparing its digital payment service for India, Tez, for a global rollout, Google on Tuesday renamed the app as Google Pay and acquainted new features that could shortly aid its Indian users to get instant "pre-approved" loans from some banks.
"Building for India has often meant Google building for everyone all around the world," Caesar Sengupta, Vice-President, Next Billion Users initiative and Payments, Google, said at its annual Google for India event here.
"At the moment, nothing is changing about the experience in India other than the name," he said, adding that Google is working with a few of India's top banks - ICICI Bank, HDFC Bank, Federal Bank, and Kotak Mahindra Bank - to offer pre-approved, instant loans to their customers, right from within Google Pay.
According to Google, this feature will roll out to eligible users within the next few weeks.
With the rollout of this feature, eligible users will see a notification telling that that they are pre-approved.
Next, the users would have to decide how much they want to borrow, and how rapidly they would like to repay.
Google said eventually, after reviewing the terms of the loan, the bank will deposit the money in their bank account instantly without the need for any additional paperwork.
"In coming weeks and months, Google is making Pay even more useful through expanding the places users can pay in-store and online, expanding services for merchants, and working with the banks to provide instant loans to Google Pay users," Sengupta said.
In India earlier this year, Google launched the Tez app and since then more than 55 million people have downloaded the app and over 22 million people and businesses actively use the app for digital transactions each month.
Google Pay works with all major banks in India on BHIM (Bharat Interface for Money) UPI (Unified Payments Interface).
By Sowmya Sangam