Google Pay launches 5 new lending products for consumers and merchants in India; Know them all

At the Google for India 2023 event, the tech giant announced that it is launching 5 new lending products for both consumers and merchants in India.

At the Google for India 2023 event, the tech giant announced multiple India-centric announcements, ranging from AI, online safety, accessibility to small businesses, to Pixel phones. Google also launched 5 different lending products in India for both consumers and merchants by collaborating with banks and NBFCs. These credit services are aimed at addressing the credit gap in India. (Shaurya/HT Tech)

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1/6 At the Google for India 2023 event, the tech giant announced multiple India-centric announcements, ranging from AI, online safety, accessibility to small businesses, to Pixel phones. Google also launched 5 different lending products in India for both consumers and merchants by collaborating with banks and NBFCs. These credit services are aimed at addressing the credit gap in India. (Shaurya/HT Tech)

Earlier this year, Google Pay added the facility to add Rupay credit cards to the app, and using them to seamlessly make payments via UPI.  Extending this functionality further, in collaboration with its PSP ICICI Bank, users can now avail credit lines from banks on UPI, and use it to make payments via Google Pay in the same way that they would with a UPI payment.  (Shaurya/HT Tech)

2/6 Earlier this year, Google Pay added the facility to add Rupay credit cards to the app, and using them to seamlessly make payments via UPI.  Extending this functionality further, in collaboration with its PSP ICICI Bank, users can now avail credit lines from banks on UPI, and use it to make payments via Google Pay in the same way that they would with a UPI payment.  (Shaurya/HT Tech)

Personal loans have been available on Google Pay for the last few years in collaboration with its partner DMI Finance. This portfolio is expanding with Axis Bank making its personal loans available on Google Pay, with more partners to follow shortly.  (Shaurya/HT Tech)

3/6 Personal loans have been available on Google Pay for the last few years in collaboration with its partner DMI Finance. This portfolio is expanding with Axis Bank making its personal loans available on Google Pay, with more partners to follow shortly.  (Shaurya/HT Tech)

Expanding the portfolio of merchant loans: On the merchant side, Google announced its new partnership with ICICI Bank and seamless repeat loans powered by Indifi.  (Shaurya/HT Tech)

4/6 Expanding the portfolio of merchant loans: On the merchant side, Google announced its new partnership with ICICI Bank and seamless repeat loans powered by Indifi.  (Shaurya/HT Tech)

Merchants often require smaller ticket loans and simpler repayment options. To address this, Google Pay is enabling on its platform, sachet loans in collaboration with DMI Finance. These start as low as Rs. 15000 and can be repaid with easy repayment options starting at just Rs. 111. This offering is aimed at bringing ease and convenience to SMBs.  (Shaurya/HT Tech)

5/6 Merchants often require smaller ticket loans and simpler repayment options. To address this, Google Pay is enabling on its platform, sachet loans in collaboration with DMI Finance. These start as low as Rs. 15000 and can be repaid with easy repayment options starting at just Rs. 111. This offering is aimed at bringing ease and convenience to SMBs.  (Shaurya/HT Tech)

Google Pay is enabling a credit line for merchants in partnership with ePayLater. This product will help solve the working capital requirements of merchants. Merchants can use this line across all online and offline distributors to buy their stock and supplies and grow their business.  (Shaurya/HT Tech)

6/6 Google Pay is enabling a credit line for merchants in partnership with ePayLater. This product will help solve the working capital requirements of merchants. Merchants can use this line across all online and offline distributors to buy their stock and supplies and grow their business.  (Shaurya/HT Tech)