Google Pay To Help The Users With HDFC & ICICI Accounts Via Instant Loans
google

Now Google Pay To Help The Users With HDFC and ICICI Accounts Via Instant Loans

Since last year, the HDFC and ICICI customers transacted over $30 billion through Google app

https://dk2dyle8k4h9a.cloudfront.net/Now Google Pay To Help The Users With HDFC and ICICI Accounts Via Instant Loans

To stay in the fray of digital payment services in India, Google is offering something that may give the much-needed push to its recently renamed payment app, Google Pay. In a new move, the tech giant has collaborated with a couple of banks to lend out instant loans to its users. The loan facility by the Google Pay is intended to increase the user base of the digital payment app, which currently sits at around 22 million, as claimed by the company.

The banks which are partnered to shell out the loans include HDFC Bank Ltd, ICICI Bank Ltd, Federal Bank and Kotak Mahindra Bank Ltd. The list of the bank may increase after getting positive feedback from the Google app users.

“The mission of Google Pay is to make money simple, and we are starting to think about how we go beyond payments to accelerate financial inclusion,” Caesar Sengupta, vice-president of Google’s Next Billion Users Initiative and Payments, said. “We’re partnering with banks such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to their customers, right within Google app very swiftly.”

According to the Caesar Sengupta, the loan process will involve minimum paperwork, and the user will be able to get the loan at the earliest. Once the Google app users holding accounts with these banks accept the bank’s terms, the money will be transferred to their accounts.

“In the coming weeks, 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,” he added.

Caesar Sengupta claimed that over 300,000 suburbs, towns, and villages are currently using Google digital payment app to pay their electrician, book bus rides, or split a dinner bill with friends. Other than that, the app has handled 750 million transactions since its inception last year in September. For Google, India remains a vital market, and the company aims to extend its reach to 15,000 retail stores by Diwali 2018.

“We have learned that when we build for India, we build for the world, and we believe that many of the innovations and features we have pioneered with Tez will work globally,” Caesar Sengupta said.

By accelerating the digital payment services in India, Google has undoubtedly infused a spark of competition among other rivals. It will now be interesting to see which other digital payment services stand up and compete with Google in this domain.

Read More About:

Vikram Khajuria
Written By
Vikram Khajuria

A typical boy and tech enthusiast, Vikram is totally fascinated by the journey of his day from miseries to joys. Covering the journalism field, he writes at MobileAppDaily and keeps surfing the trends to understand tech and inventions better. Don’t forget his driving skills, he is a professional car rallyist. Life has just got better, breath it!!

Top Companies

01.
InMobi
Singapore
02.
Dot Com Infoway
New York, USA
03.
M&C Saatchi Mobile
New York City, USA
04.
Techmagnate
New Delhi, India
05.
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
google

Google Introduces A New Standalone Podcast App For Android

Vikram Khajuria 4 min read  

Google has finally come up with a standalone podcasts app in the Play Store. The app is called Google Podcasts. It will use Google’s recommendation algorithms to integrate people with shows they might enjoy based on their listening habits. Prior to this, the podcasts were available on Android

google

Google Released YouTube Music With Google Play Music Collection To Limited Regions

Akash Singh Chauhan 4 min read  

Google started to roll out its longtime awaited music streaming service, YouTube Music but for limited areas now. It is the revamped app from Google that will offer the music streaming service with more convenient experience. The service first landed for a limited number of users in the United State

google

Google Tests Bulletin App To Experiment In Local News

Neha Baluni 4 min read  

Google loves experimenting and this time it is trying to cheer up the folks with “Bulletin”. The tool/device/app is in the experimenting phase right now and is designed to allow people publish any news or stories or event in their native language. Bulletin is all about an app for contrib

google

Google To Nurture Gaming Industry Though Indie Games Accelerator Program In Asia

Neha Baluni 4 min read  

Google is launching the Indie game accelerator in Asia with an aim to boost the top gaming startups to find a considerable place in Google Play. The gaming industry is emerging like never before and it now contributes more than 40% of game installs on Google Play. Gamers are adapting to the smartpho