Google Teams Up With HDFC Bank, ICICI And Others For Instant Loans

New Delhi: Google India announced on Tuesday that it had renamed its Indian payment app Tez to Google pay and partners with four banks to provide instant loans to app users. In the coming weeks, Google Pay users will be able to access personalized loans from HDFC Bank Ltd, ICICI Bank Ltd, Federal Bank and Kotak Mahindra Bank Ltd with minimal paperwork, said Caesar Sengupta, vice president of Google Next Billion Users Initiative and Payments. , at the Google for India event in New Delhi. Once the users holding accounts with these banks agree to the terms of the bank, the money will be transferred to their accounts.

“We’ve learned that when we build for India, we build for the world, and we believe that many of the innovations and features we’ve launched with Tez will work globally,” said Caesar Sengupta.

Google Tez, which launched in September, will also expand its services to merchants and retailers. About 15,000 retail stores in India will have Google Pay enabled by Diwali 2018, Caesar Sengupta said.

Google claims that more than 1.2 million small businesses in India already use Google Pay. In an effort to help their business grow further, Google is creating a dedicated shopping experience where they will be discovered through Google search and Maps, and communicate with their customers through messages and offers.

“We are testing these features with merchants in Bangalore and Delhi, and integrating other neighborhoods in the following months,” Sengupta said.

Google Pay has rivals in Facebook Inc.’s Paytm and WhatsApp targeting the Indian payments market. On Tuesday, Mint reported that Warren Buffett’s Berkshire Hathaway Inc. had sealed a deal with Paytm, marking the legendary investor’s first investment in the country. A series of other renowned players are also developing in The digital payments market in India including its banks, India Post Payments Bank, and that of Mukesh Ambani Reliance Jio.

“The real competition is actually user habits and money,” Sengupta said. “So all of us (referring to other players) are all in many ways brothers in arms trying to move people’s habits from cash to digital so that we can move India to an economy. digital. At Google, we focus on users so that we don’t overthink the competition. “

Since its launch, more than 55 million people have downloaded Google Tez and more than 22 million people and businesses actively use the app for digital transactions every month, according to company data and figures cited by Sengupta. . Collectively, they have completed over 750 million transactions, with an annual execution rate of over $ 30 billion.

The search giant also announced other initiatives, including expanding its Google station internet access program to 12,000 villages and towns across Andhra Pradesh, potentially reaching 10 million people; the launch of the Navlekha project, where Google will work with Indian publishers to bring more relevant content online; and a new feature in the Google Go app that can bring up any web page and let users listen to it with every word lighting up as it is read.

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