Google’s Next Big Push In India – Quick Loans To Masses
Alphabet Inc’s Google said on Tuesday it is partnering with a handful of Indian banks to bring quick loans to the masses, as it aims to woo tens of millions of new internet users in the country to its digital payments services.
At an annual Google event in New Delhi, Caesar Sengupta, the Vice-President of Google’s Next Billion Users initiative and its Payments said the move would make banking services accessible to tens of millions of Indians.
Google launched payments app Tez, meaning fast in Hindi, in India last year integrating it with the state-backed unified payments interface (UPI) as it sought to gain a foothold in the South Asian nation’s digital payments space which, according to Credit Suisse, will grow five-fold to $1 trillion by 2023.
On Tuesday, Google rebranded the app as Google Pay and said it was partnering with four Indian banks, Federal Bank , HDFC Bank, ICICI Bank and Kotak Mahindra Bank – to provide instant loans to the app’s users.