Google Tez rebranded as Google Pay, will show pre-approved loans

Google Pay will be the new name for Tez.

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Google Tez, the payments platform announced by Google last year will be rebranded as Google Pay. This was announced at the Google for India event 2018 edition held in New Delhi today. In addition to the change in name, the platform is all set to get rich interactions. And, Google intends to empower 150,000 retail stores in the country to use Google Pay by this Diwali.

Google Tez rebranded as Google Pay, will show pre-approved loans

 

Google claims that more than 1.2 million small businesses in the country are already using Tez, which will be rebranded as Google Pay. And, the platform can be used by businesses and merchants to pay for Google Ads.

In a blog post, Caesar Sengupta, GM, Payments and Next Billion Users Initiative at Google states, "The many things that you love about the app - the familiar contacts on your homescreen, the one-touch mobile recharges, and of course the fun offers and rewards - are all here to stay. In fact, over time we'll bring many of these features to Google Pay users in other countries just as we'll bring features we have launched elsewhere to India."

The rebranding will be over in a fortnight and merchants can enable payments from the app directly. This way, customers can just swipe the Pay button to pay to their nearby merchants. Also, the platform will get a QR code to customers in order to enable seamless payments. Merchants can also take a look at the transaction history on the app with the name and picture of the customers, the transaction ID and the amount they have received for all the transactions made in the past.

Integration with banks

While all the good things of Tez will be retained, there is an interesting addition that is imminent. Google Pay will display pre-approved loans as the service will collaborate with ICICI Bank, HDFC Bank, Federal Bank, Kotak Mahindra Bank and others. These loans will be available only to the customers via the banks. And, Google Pay will just act as an intermediary platform. The pre-approved loans will appear in the app in the coming weeks.

 

A strong user base

Google announced that the app is being used by 22 million people every month with 750 million transactions since its debut in September 2017. Since its launch, the monthly BHIM UPI transactions have grown 14 times.

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