Alphabet Inc’s Google has rebranded its digital payment platform app, Tez, as Google Pay. According to a Reuters news agency report, Google said it was teaming up with a handful of Indian banks to offer quick loans to the masses as it aims to entice millions of new internet users in the country. to its digital payment services. Google is working with banks – HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank – to offer pre-approved instant loans to their customers, directly from Google Pay, the IANS news agency reported.
Here are five key things to know about Google Pay:
1. Google’s new loan functionality will be rolled out to eligible users in the coming weeks. With the deployment of the service, eligible users will receive a notification, which will indicate if they are pre-approved.
2. The users will have to decide the loan amount and the repayment term. After reviewing the terms of the loan, the bank will deposit the money into the applicant’s bank account without needing any additional documents, according to Google, IANS said.
3. Google will make Pay more useful by expanding the places where users can pay in-store and online, expanding services for merchants, and working with banks to provide instant loans to Google Pay users, the report said. IANS.
4.Google launched the Tez app in India last year and since then over 55 million people have downloaded the app and over 22 million people and businesses are actively using the app for digital transactions. each month.
5. Google Pay works with all major Indian banks on UPI (Unified Payments Interface). (With contributions from agencies)