Last year in September, Google launched its simple UPI-based payments platform Tez in India. Since then, the app has been downloaded by over 50 million users and is used by more than 22 million individuals and merchants each month. At the recent Google for India (2018) event, the company also revealed that over the course of the year, users have conducted over 750 million transactions using the app which are worth over $30 billion.
One of the most important announcements, which will surely have a massive impact on the fin-tech space in India, is Google’s move to accelerate financial inclusion via Google Pay. The company has partnered with HDFC, ICICI, Federal and Kotak Mahindra Banks to facilitate pre-approved loans to their customers from within Google Pay. Customers from partner banks will be able to take out a customized loan amount from their bank accounts with minimal paperwork. The entire loan disbursal process will take play within the Google Pay app and customers will get the pre-approved loan in their bank accounts within seconds.
