INSUBCONTINENT EXCLUSIVE:
Google Pay works with all major banks in India on UPI (Unified Payments Interface).Alphabet Inc's Google rebranded its digital payment
platform app, Tez, as Google Pay
According to a report of news agency Reuters, Google said it is partnering with a handful of Indian banks to bring quick loans to the
masses, as it aims to woo millions of new internet users in the country to its digital payments services
Google is working with banks -- HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank -- to offer pre-approved, instant loans to their
Google's new loan feature will be rolled out to eligible users within the next few weeks
The users will have to decide the loan amount and the duration of repayment
After reviewing the terms of loan, the bank will deposit the money in the bank account of the applicant without the need of any additional
paperwork, according to Google, said IANS.3
Google will be making Pay more useful by expanding the places users can pay in-store and online, expanding services for merchants, and
working with the banks to provide instant loans to Google Pay users, reported IANS.4
Google launched the Tez app in India last year and since then over 55 million people have downloaded the app and more than 22 million people
and businesses actively use the app for digital transactions every month.5
Google Pay works with all major banks in India on UPI (Unified Payments Interface)
