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

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

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:

Tanya <span>Editor In Chief</span>
Written By

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

Top Companies

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

Latest Articles

Join our global community 135K Followers
technology

Great News Microsoft Brings Improved Version of Mixer into Beta

4 min read  

Microsoft has made a grand announcement about the launch of an improvised version of its mobile gameplay app Mixer into Beta. This amazing version is available for both Apple and Android phones.This new version of Mixer app is comprised of features completely different codebase which is going to

technology

OnePlus Enters The Top 5 Premium Smartphone Brands In The World

2 min read  

Year-on-year, smartphone companies outdo themselves and users’ expectations and bring crazy innovations to the market. Often new players find the gap and enter the smartphone market. OnePlus is no exception. In the sea of expensive and premium smartphone brands, OnePlus had very well understoo

technology

The Best of 2017 Biggest Tech Stories

4 min read  

The year 2017 is already over and we are left with the impressive memories of some of the most influential tech stories from around the world. Be it about the bitcoin or the face recognition technique in Apple’s iPhone X, the year 2017 seemed a massive one for the growth of the technology. The

technology

How To Watch FIFA World Cup 2018 Online

4 min read  

The most awaited sports tournament of the year is right here, FIFA World Cup 2018. The event brings one of the most exceptional football players into one place, and you get a chance to cheer your favorite teams. The tournament began yesterday, i:e, June 14.The first match was between host nation