Flying high in the feathers of Indian Government backed Unified Payments Interface or UPI payment service, Tez – the digital payment wallet and a UPI-based app from Google India has been a runaway success. In a bid to unifying all of Google’s payment offerings globally, the company has officially rebranded its payments app Google Tez into Google Pay.
More than 22 million users and businesses actively using Google Tez to pay among their friends, book bus rides or flight tickets, and recharge or pay bills. In total, Tez users have made over 750 million transactions, worth over 200 thousand crore rupees. So, you could definitely see the success with the service. Realizing the potential of digital payments innovations happing in India, Google is also bringing its expertise on Tez to the rest of the world.
Pre-approved Instant loan
Besides the name change, Google is also packing new features to its payment service. The most important addition would be its tie-up with Indian banks to facilitate instant pre-approved loans to its users.
Google has partnered with some of the top banks in India such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to their customers right within Google Pay. You could use Google Pay app to apply for a customised loan amount from your banks. This includes minimal paperwork and once you accept the bank’s terms, the loan amount will be instantly credited to your bank account. This feature will be made available on Google Pay within the coming weeks.
Google Pay will also be expanding its presence online on apps and website, as well as branded retail stores across the country. The service will be soon available at 2,000 online merchants and e-commerce stores including Goibibo, FreshMenu and redBus. In addition over 15,000 offline retail stores like Big Bazaar, e-Zone, and FBB would start accepting Google Pay.
What changed in Google Tez?
- Rebranded to Google Pay.
- Cash mode has been rebranded to Tez mode.
- Instant pre-approved loan facility option from HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank.
- Dedicated merchant experience with Merchant mode.
- Over 2,000 online merchants and over 15,000 retail stores will start accepting Google Pay.
For merchants, Google would offer a dedicated merchant experience. In addition to accepting digital payments, merchants would get more exposure through Google Search and Maps. They could also now able to communicate with their customers through messages and offers. Currently, this feature being tested with merchants in Bangalore and Delhi.