Google Pay offers instant loans | Fusion - WeRIndia

Google Pay offers instant loans

Google Pay offers instant loans

In order to widen its market share in India, Google improved its UPI-base payments app TeZ. The name Tez has now been changed to Google Pay as it called as in many countries including the United States.

Google Pay comes up with many extra features, one of the most noteworthy features is pre-approved bank loans.

Google has tied up with many banks like HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. These banks will provide loans to the customers with nominal paperwork and instant credit facility.

This can be done automatically by banks that Google has tied up with. Those who are eligible to get loans will see a notification which says that they are pre-approved for loans.

After that, they can decide how much they want to borrow from the bank, and how much time they would take to repay it.

After reviewing all this, the users will get the money deposited in their accounts immediately.

Google’s payment app was launched in India last September with limited features. Yet, now Google wants to unify its payment offerings globally.

India is one of the biggest countries and remains an attractive market for many global products.

Considering the wide base for digital payments, Google launched its payment app. The technology giant stated that it has nearly 22 million monthly active users and they have made more than 750 million transactions.

With the improvement in Google Pay app, the users can now pay their utility bills and make prepaid recharges to their mobile numbers.

One can have gifting options such as a birthday gift and get promotional coupons with various payments.

Not just that, one can make payments to more than 2,000 online merchants. Moreover, Google wants to partner with as many as 15,000 retail outlets by this Diwali to use Google Pay.

Image Credit: SPOORTHY M U / CC BY-SA 4.0

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