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:

MAD Team
Written By

MobileAppDaily host a team of experienced technical writers, industry wizards, and app experts who have an exact knack of content that caters to the needs of the mobile app targeted audience. We strive to bring you the best of tech!

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

Apple

MAD Team 4 min read  

According to Forbes the world’s most valuable company, Apple which is the massive revenue generator machine on the planet. Considering its most valuable company role Apple started working on strategy and plans to guide the programmers and coders in its this week developers conference. The comp

technology

Android O: Device Update Issues solved and Improve SMS Authentication Process

MAD Team 4 min read  

Mobile app technology and app industry are evolving at a very astounding rate every single day. Android being the major platform for smartphones across the globe still lacks in some attributes when compared to all-time rival iOS. Since last two upgrades Goggle is kept enhancing the Android with subs

technology

Your Phone Shares Everything About You With Google And Phone Apps

MAD Team 4 min read  

Technology has taken a shape of a roaring wave that is full of changes and surprising facts. Smartphones are above and beyond games and texting. Your Android smartphone does wonders which we as users don’t even know. Yes, your phone can reveal a lot about your real-world life.{IRP}What

technology

Google Upgrades Drive, Added Integrations With DocuSign, K2 and Nintex

MAD Team 2 min read  

Recently, Google released a number of integration tools with its cloud storage service Google Drive. The new features will enable users to find data and take particular actions without leaving the platform.Google product manager Erika Trautman explained in a blog post,“As more and mo