Last September at its yearly occasion in the capital of New Delhi, Google launched Tez, an application for instant money transfer in India. Presently on Tuesday Google rebranded its UPI-based payment platform Tez as Google Pay at the 2018 edition of the Google for India occasion held in New Delhi. Google likewise asserts that more than 1.2 million independent ventures in India are as of now utilizing Google Tez.
The rebranding will enable its clients to make payments to retail stores and direct online transactions crosswise over applications and also different Google items. More collaborations are coming to Google Pay, and Google intends to engage 15,000 retail stores in India to utilize it by Diwali 2018.
The organization said Google Pay will work with all banks that help BHIM UPI, which make it a consistent affair, the banks will offer advance loan in less time and the sum will be dispensed to the account connected with Google Pay.
“The mission of Google Pay is to make money simple, and we are starting to think about how we go beyond payments to accelerate financial inclusion. We’re partnering with banks such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to their customers, right within Google Pay very swiftly. In the coming weeks, these customers will be able to use Google Pay to take out a customized loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account. “ said in a blog post Caesar Sengupta GM, Payments and Next Billion Users Initiative
Google is ready to assume a noteworthy part in the manner in which individuals spend money in India.