With the success of its UPI-base payments app 'Tez', Google is set to widen its market share in India. Tez will now be called 'Google Pay' in India like it does in many other countries including the US. The name change comes with additional features, the most significant being pre-approved bank loans.
Google in a statement said that it has tied up with HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank for customers to avail customised loans from their bank accounts with minimal paperwork and instant credit facility.
The technology giant launched its payments app in India last September, and is now looking to unify its payment offerings globally it said.
"The world has certainly taken notice of India's digital payments success and our deep investments here with Tez. Many governments are asking us to work with them to bring similar digital payments innovations to their countries," it said. The company said that it has 22 million monthly active users who have made over 750 million transactions.
Of late, Google has been expanding the scope of its payments app in India that initially had limited features. One can now pay utility bills, make prepaid recharges to their phone numbers, and make payments to over 2,000 online merchants (including GoIbibo, RedBus) as well as more than 15,000 retail stores like Big Bazaar using Google Pay.