Google this time went for certain modifications. This includes the transformation of Google Tez to Google Pay, along with introducing some new features, at its fourth edition of ‘Google for India’ event.
The tech giant is seeking for opportunities to expand the app’s reach and has also announced the partnership with private banks to facilitate instant disbursal of pre-approved loans to the user’s bank account via this Google Pay.
Regarding this latest change, Ceaser Sengupta, Vice-President, Next Billion User Initiative and Payments, Google, added that “Building for India has often meant Google building for everyone all around the world. As the app is being re-branded as Google Pay, nothing is changing about the experience in India other than the name. In the coming weeks and months, Google is making Pay even more useful by expanding the places where users can pay in-store and online. We are expanding services for merchants, and are also working with the banks to provide instant loans to Google Pay users”.
Regarding the disbursal of financial services, Google has tied up with HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. Also, this feature is expected to be rolled out within the next few weeks. Now, if a Google Pay user would be qualified for a pre-approved loan, he/she would view a notification stating the same. The user then would have the choice to decide how much he/she wishes to borrow and the duration in which they wish to repay the loan. Once the user reviews the terms of the loan, the bank would then instantly deposit the money in the user’s bank account without involving much of additional paperwork.
— Google Pay India (@GooglePayIndia) August 28, 2018
Sengupta also stated here that, “In less than a year, Tez is being used across 3 lakh cities and villages in India with over 22 million active users, and 750 million total transactions worth $30 billion. Since the launch of Tez, the monthly BHIM UPI transactions have grown 14 times”.
After this recent change initiated by Google, it is now expanding the places where the app-based payment can be accepted. For this, Google has roped in closely with all the largest stores in India such as payment technology providers like Pinelands and Bill Desk, and various top Indian banks.
For online merchants, Google Pay would be supported at over 2000 online apps and sites including Goibibo, FreshMenu, Nykaa, Redbus, BookMyshow, and Uber.
With its latest change, Google aims to increase its market share in Indian payment market, thus aiming at building merchant experience further, which would help these businesses find new customers through Google Maps and send customized notifications to the customers they already have. Google has already started testing out some of these features with merchants in Bangalore and Delhi, who run popular salons kirana stores, and restaurants. For Merchants, integrating Google Pay would mean finding new customers through Google Ads.
Now, the steps to get started with Google Pay payments and be eligible for up to ₹100,000 reward:
- Users would have to make a minimum of 5 transactions from via Google Pay (Tez) app before the offer expires on September 18 at 9 am
- If making more than 5 transactions, the chances of winning up to Rs. ₹100,000 reward would be definitely higher.
- The eligible transactions for this offer include P2P and Cash Mode (Tez Mode) to another Google Pay (Tez) user, Cash Mode (Tez Mode) payments to merchants, payments to other bank accounts, payments made using Tez UPI ID and payments to merchant bank account.
- Whenever users would make a transaction which is eligible for this offer, a new tab with the offer would pop up.
- Tapping on the offer and then clicking on the Start payment option, users would be able to avail of this offer by Google Pay (Tez).
Right now, even there is no certainty over when the offer would start, the app shows ‘over the next few weeks’ when the offer tab is opened manually. On the other hand, the app is still listed as Google Tez on the Google Play Store and is expected to be renamed soon.