On Tuesday, 28th August Google renamed its payment app ‘Tez’ to Google Pay and introduced seamless ‘pre-approved’ loans from reputed banks that may roll out soon to all its users.
The newest feature includes seamless disbursement of loans through its app for a user who already has pre-approved loans from a bank that Google Pay is partnered with. The app can be used to notify the bank the amount they want to take the loan for and the time period they require for the repayment – and the loan amount would then be credited to the user’s account. Several banks like HDFC, Kotak Mahindra, ICICI and Federal Bank has been current partners with Google Pay and many more banks are in active talks with Google for the same. Google Pay shall also be operational in various physical shopping complexes like Big Bazaar and to 15,000 brand outlets before Diwali.
On Tuesday, Ceaser Sengupta, the General Manager of Google Payments said at the 4th edition of Google for India event that the re-branding of the application gives better scope to take the product to an international level that can even import global features in India. He further added that: “Many countries like India that are on their journey of digital transformation, where we could use Tez. Many countries that have approached us where they either have the UPI-like system or in partnership with other players.”
Currently, Google Pay is operational in 18 countries worldwide.
Tez was first launched in India in September 2017 and was built on the UPI interface and has over 55 million downloads, 22 million active users and 750 million transactions.