Google Tez is now Google Pay: Offers pre-approved loans in India

Google has re-branded Google Tez to Google Pay and will be expanding the reach of the India-first app across the world. The app will also offer pre-approved loans to users in the coming months. 15,000+ large stores and merchants will soon start accepting Google Pay in India.

Google held its Fourth annual Google for India event in New Delhi today. Google’s agenda for this year is to make its products more popular in India by targeting local languages and communities. One of the biggest announcement of all made at the event was that of the re-branding of Google Tez to Google Pay.

Google Tez, the company’s UPI-based payments app has now been re-branded to Google Pay in the interest of bringing the product to more countries other than India. Google is now unifying all payments across its platforms under the Google Pay umbrella. The app will adopt new features from its global counterpart to make payments seamless.

Updates coming to Google Pay platform

-An integration with Red Bus to help users buy bus tickets using Google Pay.

-Users will be able to view receipts of their transactions from more merchants now.

-Google is working with large stores and payment providers like Pine Labs, and by Diwali this year, the company promises availability of Google Pay across 15,000 stores in India, including the likes of Big Bazaar.

– Businesses and merchants can now pay for Ads on Google using Google Pay.

-Google Pay will also be available as a mode of payment on Paytm soon.

Pre approved loans on Google Pay

Google Pay will have the ability to get pre-approved bank loans. Google is working with Federal BAnk, Kotak, ICICI, and HDFC to provide pre-approved loans on Google Pay. Users will be able to see their pre-approved loan amount in the Google Pay app and after completing the necessary formalities online, the bank will deposit money in the user’s account instantly in a matter of seconds.

These customers will be able to use Google Pay to take out a customized loan amount from their banks, with minimal paperwork and once they accept the bank’s terms, the money is deposited securely and instantly by their bank into their bank account.

Google Pay for Merchants

Google Pay wanted to help the 1.2 million Indian local businesses on Google Pay with more than just payments. That’s why we’re building a dedicated merchant experience to help them grow their business.