Google Tez rebranded as Google Pay, adds pre-approved loans

Google rebrand it’s popular payments app, Tez as Google Pay in India at this year’s of theGoogle for India eventheld in New Delhi on Tuesday. Google Pay now have few new features such as pre-approved loans. Google Tez was launched in India September 2017 as the company’s first digital payment platform for the country. Since the launch, Tez has over 22 million active monthly users and over 750 million transactions that are collectively worth over $30 billion ( Rs 200,000 crore ) annually.

At the event, Google said that it is increasing the number of places you can pay with Google Pay at places like Goibibo, FreshMenu, redBus and in over two thousand other online apps and sites And in the coming weeks, we will be adding more partners, including deeper integrations with BookMyshow. Google also have working 15,000 retail stores in India to use Google Pay by Diwali 2018. Later this year, you should be able to use Google Pay at thousands of your favorite retail stores, like Big Bazaar, e-Zone, and FBB.

In addition to receiving digital payments using their phones, the company testing the new features with merchants in Bangalore and Delhi to help them be discovered through Google Search and Maps, and communicate with their customers through messages and offers.

Merchant mode will simplify digital payments for the 12 lakh local businesses already on our platform, and for those coming on-board. #GooglePay #GoogleForIndia pic.twitter.com/uv7lxEhwv8

— Google Pay India (@GooglePayIndia) August 28, 2018

Google also said that they are partnering with banks such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to their customers, right within Google Pay very swiftly. 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 is deposited securely and instantly by their bank, into their bank account.