Google Pay is the new name for Tez with some new beneficial feaures. Google on Tuesday renamed the app name as Google Pay with features which are helpful for Indians. Indians will be able get a instant ” pre-arroved” loans from some banks.
“Building for India has often meant Google building for everyone all around the world,” Caesar Sengupta, Vice-President, Next Billion Users initiative and Payments, Google, said at its annual Google for India event here.
“At the moment, nothing is changing about the experience in India other than the name,” he said, adding that Google is working with a few of India’s top banks — HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank — to offer pre-approved, instant loans to their customers, right from within Google Pay.
This facility will be available to customers in next few weeks, Google said.
As soon as the feature is available. Eligible users will see a notification telling that they have a pre-approved loan.
Next, the users would have to decide how much they want to borrow. Also how quickly they would like to repay.
Terms and conditions on Google Pay
Finally, after reviewing the terms of the loan, the bank will deposit the money in their bank account instantly — without the need of any additional paperwork, Google said.
“In coming weeks and months, Google is making Pay even more useful through 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,” Mr. Sengupta said.
Google launched the Tez app in India last year and since then over 55 million people have downloaded the app. More than 22 million people and businesses actively use the app for digital transactions every month.
Google Pay works with all major banks in India on BHIM UPI.