This news of Google’s next big move in India came after the annual Google event that was held in New Delhi. At this event, the Vice-President of “Google’s Next Billion Users Initiative and its Payments” mentioned the plan of Google in making banking services accessible to tens of millions of Indians. For this move, the Google is planning to partner up with the handful of the Indian banks. The aim of the Google behind this move is to attract more an more people towards the idea of the Internet in India.
Google has been continuously trying to bring more people on the Internet from past many years. With the same motto, it launched its own payment app named “Tez” that is a Hindi word meaning “fast” last year in 2017. For this, the company integrated the state-backed unified payments interface (UPI). According to the present scenario, this app has become very popular in South Asia and it is being estimated to rise by five-folds by 2023.
What is Google’s plan?
Recently on Tuesday, Google announced the change in the name of this payment app and rebranded it as “Google Pay”. At the same time, the company also revealed that they have managed to get tethered with four of India’s major banks including – Federal Bank, HDFC, ICICI, and Kotak bank to provide instant loans to the users of the payment app now called “Google Pay”.
Moving further, Google also mentioned how the combined efforts of the bank and their team will bring a revolution in the field of loans. They said that the financial expertise of banks, their understanding of the user, and their customers along with their ability to make complex processes simpler will definitely woo all the customers.
Happy with the results of Tez app, the Google is now focusing on the new addition in it. This new idea of providing quick loans to the app users might bring a great challenge for the homegrown Paytm application.
This is the new plan that Google is working on. With the good response of “Tez” now “Google Pay” has led the team to move a little ahead in the domain. Google seems to be ready to give competition to the famous “Paytm” app in India.