Technology

Google enters Indian Instant Bank Loan Market

Google enters Indian Instant Bank Loan Market

Google announced that Google Pay APP which was earlier known as Google Tez will now offer instant Bank Loans with minimal paper work. This announcement was made at its Annual Event , Google for India . 
Google Pay, is a UPI (Unified Payment Interface) enabled digital payment app launched by Google on September 2017 which allows users to send and receive money through a Bank Account at the tap of a button. Once a customer registers for the service there is no need to provide Bank Details or IFSC Code for the Fund Transfer. The user will only have to provide a virtual address to send and collect money to UPI Payment solution. As this APP is built by the support of UPI, this makes it easier for all Bank Account holders to link their accounts with the App and make payments or receive money virtually. 

This app was specially designed for Indian market and is available in languages such as Telugu , Bengali , Hindi , Tamil , Gujarati , Marathi 
Google India on Tuesday said it has rebranded its Indian Payment App Google Tez  as Google Play . As it was first launched in India it will now be offered in other countries too. With the Upgraded Version of the App Google introduced New Features and and expanded its scope with New Tie Ups. 
Google Pay has now added a new feature and in the coming weeks Google Pay Users would be able to request an instant Loan amount from HDFC Bank , ICICI Bank , Federal Bank and Kotak Mahindra Bank  with minimal paper work. Users would be informed about this new feature via a notification. 
Google India is also planning to integrate Google Pay in India with other service providers like FoodPanda , Reliance , Nyaka , BookmyShow and more .
As per sources since its launch Google Pay has 22 million monthly active users who have made over 750 million transactions with average annual transaction of 2 lakh crore . As it expands , the service would be available to 2000 online merchants and many e-commerce websites .