Google Tez is now Google Pay, joins hands with banks for loans – All you need to know

By: | Published: August 28, 2018 5:53 PM

Google launched its Tez payment app in India in September last year and now the US-based search giant has decided to give a big boost to its application.

Google Pay.

Google launched its Tez payment app in India in September last year and now the US-based search giant has decided to give a big boost to its application. Google will be giving a major push into retail as it prepares to expand it to other parts of Asia and beyond. The app itself is being rebranded to Google Pay. With this, the app will come in line with Google’s global payment service which is currently available in 20 countries.

More places to pay for Google Pay users:-

The number of places you can pay with Google Pay will be greatly expanding — online on apps and website, as well as branded retail stores. For online merchants, you can already use Google Pay to transact securely at places like Goibibo, FreshMenu, RedBus and in over two thousand other online apps and sites. In the coming weeks, Google will be adding more partners to its payment platform.

The US-based company on its official Blogspot said that they are working with the largest stores so that customers can pay in retail locations across India. Google added that later this year, subscribers will be able to use Google Pay at retail stores like Big Bazaar, e-Zone and FBB.

Apart from the retail push, the Google payments service will also step into the world of micro-loans. With this, they would become direct competitors of startups like ZestMoney which closed an investment from Xiaomi this week.

Google joins hands with banks for loans:-

Google has partnered with a number of Indian banks which include HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to offer “pre-approved” loans to customers “in a matter of seconds” through the Google app. The loan amount will be smaller. As of now, the maximum amount which can be taken as a loan is unknown. Once the amount is approved by the bank, it will be securely and instantly be deposited into the customers bank account.

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