Tez rebranded as Google Pay, to facilitate pre-approved loans from banks
Since its launch in September last year, the payment facility registered over 750 million transactions amounting to over $30 billion.
Google on Tuesday rebranded its UPI-based payment platform Tez as Google Pay. The rebranding will allows its users to make payments to retail stores and conduct online transactions across apps as well as various Google products.
Tez was launched in India last September as Google's first digital payment platform for the country.
Google disclosed that since the launch of Tez, the platform saw over 750 million transactions worth over $30 billion ( ₹200,000 crore). "In just under a year, Tez has found a place in the lives for more than 22 million people and businesses who use it every month. People from over 300,000 suburban areas, towns and villages are using it to pay their electrician, book bus rides or split dinner bills with friends," Payments and Next Billion Users Initiative general manager Caesar Sengupta wrote in a blog post.
Google Pay expansion
Google said it is increasing the number of places users can transact with Google Pay, including apps, websites as well as branded retail stores. Some of the top destinations that accept Google Pay are Goibibo, FreshMenu and RedBus. The company said it will be soon support BookMyShow as well.
Google also announced partnerships with financial institutions such as HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to provide pre-approved loans to customers. "In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks with minimal paperwork, and once they accept the bank's terms, the money will be deposited securely and instantly into their bank accounts," said Sengupta.
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