Google’s payment app for India “Tez” becomes Google Pay

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Preparing its digital payment service for India, Tez, for global rollout, Google on Tuesday renamed the app to Google Pay and introduced new features that could soon help its Indian users get instant ‘pre-loan’ loans. approved ”from some banks.

“Building for India has often meant that Google is building for everyone all over the world,” said Caesar Sengupta, vice president of Next Billion Users and Payments Initiative, Google, at his annual Google for event. India here.

“At the moment, nothing changes in the experience in India other than the name,” he said, adding that Google is working with some of the biggest Indian banks – HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank – to offer instant pre-approved loans to their customers, directly from Google Pay.

This feature will roll out to eligible users in the coming weeks, Google said.

With the deployment of this feature, eligible users will see a notification that they are pre-approved.

Next, users should decide how much they want to borrow and how quickly they want to pay back.

Finally, after reviewing the terms of the loan, the bank will deposit the money into their bank account instantly – without the need for any additional documents, Google said.

“In the coming weeks and months, Google will make Pay even more useful by expanding the places where users can pay in-store and online, expanding services for merchants, and working with banks to provide instant loans to consumers. Google Pay users, ”Sengupta said. mentionned.

Google launched the Tez app in India last year and since then over 55 million people have downloaded the app and over 22 million people and businesses actively use the app for digital transactions every month. .

Google Pay works with all major Indian banks on BHIM UPI (Unified Payments Interface).

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