Google working with Following banks to offer pre-approved, instant loans
Google rebranded its digital payment platform app, Tez, as Google Pay. Google partnering with a handful of Indian banks to bring instant loans to the masses, as it aims to woo millions of new internet users in the country to its digital payments services.
5 key things to know about Google Pay:
1. Google Pay works with all major banks in India on UPI (Unified Payments Interface).
2. Google’s rolled out new loan feature for eligible user in few weeks. The loan amount will be pre-approved and bank customers will be given this amount through the bank.
3. The users will have to decide the loan amount and duration of repayment. After reviewing the terms of loan, the bank will deposit the money in the bank account of the applicant without the need of any additional paperwork.
4. Google will be making Pay more useful by expanding the places users can pay in-store and online, expanding services for merchants.