Google for India 2018 event: Google Tez has been renamed as Google Pay, and will allow users to take pre-approved bank loans.
Google Tez has been revamped, and its updates were announced at today’s ‘Google for India 2018’ event being held in New Delhi. Among other things, Tez has been renamed Google Pay, and users will also be able to pay instant loans through the service. As part of this service, Google will partner with leading banks.
Tez, the company’s UPI payments platform, will not be changed in terms of user experience. So, even when the name changes to Google Pay, Tez users will be able to see the same home screen, bill payment links, contacts. etc. Instead, the tech giant has announced that Google Pay will make users pay more online, through in-store and online options. Users will soon by able to apply for pre-approved loans from major banks via Google Pay, through the upcoming update of the app. For this service, Google will partner with Federal Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank, among others.
While stating that Tez is being used by more than 1.2 million small businesses, the company intends to partner over 15,000 retail stores by Diwali. Commenting on the Tez upgrade, Caesar Sengupta, vice president of product management, Google India, said that building apps in India implies that Google would be building for a global audience. The statement suggests that Google Pay worldwide will be based on the app’s India model.
Meanwhile, Google Pay will continue to offer instant mobile recharges, gifting options like a birthday gift, as well as promotional coupons that vary with different payments. Currently, the app is used by over 22 million users, and Google has claimed that over 750 million transactions have been completed since the app’s launch in September last year.
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