In a bid to increase its market share in India’s payments market, Google on Tuesday rebranded its payments app Google Tez into Google Pay. The tech gaint also announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers.
“In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account,” Google’s general manager (payments) Caesar Sengupta quoted as saying.
Though Tez is being used by more than 1.2 million small businesses, the company intends to partner over 1.5 lakh retail stores by Diwali.
Tez, an app for instant money transfers in India was launched by the Google on September 2017.