Google Pay was formerly known as Android Pay. In order to expand its market share in India’s payments market, Google has re-titled its payments app Google Tez into Google Pay. Its update were announced on August 28 in ‘Google for India 2018’ event being held in New Delhi.
Instant Pre-approved Loans…
The tech giant in order to support the development has also partnered with four Indian banks including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Federal Bank to offer instant, pre-approved loans to customers through the Google Pay in seconds. In the event, Google made many announcements (other than renamed Google Tez). These announcements were related to other Google products like Google Assistant, Google Search, Android Go, Google Go, Google Maps, Google Station, and more.
Google launched its Google Tez in September last year. It serves lives of more than 22 Million people and businesses every month. People from over 300,000 suburbs, towns, and villages use it to pay for their electrician, book bus rides, or split a dinner bill with friends. The company also announced that 22 million people now use Tez every month. After its launch in September last year, a total of approx 750 million transactions have made so far.
Working of Google Pay
Google Tez is a UPI-based payment platform. With the lack of NFC-based mobile payment solutions in the country, Google opted not to launch Google Pay in India. Instead of this, Google launched a UPI-based mobile payment system which is different from NFC-based payment systems. Tez has achieved a certain degree of success in India. In March, Tez had added a chat feature allowing users to communicate with their contacts while sending and receiving money.
According to Caesar Sengupta, ”Google Pay will soon offer deeper integration with Indian apps, single-click transactions”. Caesar Sengupta is Vice President of Product Management at Google.
Meanwhile, It will continue to offer instant mobile recharges, gifting options like a birthday gift, as well as promotional coupons that vary with different payments. Currently, Google Pay have around 22 million users in India. Google has claimed that over 750 million transactions have been completed since the app’s launch in September last year.
Along with other old features, Google has added certain new features which include the following:
- Google Pay will allow online payments on applications, websites, and branded retail stores. Consumers can use GPay on many sites or apps like redBus, Freshmenu, Goibibo and many more partners for transactions currently.
- The company will also do deeper integrations with BookMyShow in future. In coming days, Google Pay will also support payments at retail stores like Big Bazaar, e-Zone, and FBB.
- Google Pay will also be working on building a dedicated merchant experience to help small business grow. It will help companies/ individuals in getting discovered through Google Search and Maps, and ensuring communication through messages and offers.
- Customers will be able to use this App to take customised loan amounts from their banks with minimal paperwork. Banks will deposit loan amount securely and instantly into their banks account.
Google also stated that over time, the company will bring many India-specific Tez features to Google Pay users in other countries just as the country has brought features launched elsewhere to India. For more details about Google Pay, visit there official website.