Last September, Google introduced ‘Tez’ app in India for instant money transfers. It had its annual event in Delhi where the company announced that it is changing to Google Pay.
In simple terms, it is merging its global payments services with the one built for India. Tez works on the basis of UPI (banking platform for India).
Tez is now Google Pay
The company is working hard to digitize payments by expanding the support of Google Pay in more than 15,000 retail stores across the country. By the festival of Diwali, it wants to announce this expansion in early November.
In addition, Google Pay will allow users to get pre-approved bank loans through the app. According to the company, this process will only take a few seconds. User just needs to enter the desired amount, select repayment terms, and get the money in his/her bank account. For this, it has signed with Federal, ICICI, HDFC, and Kotak Mahindra Bank. This feature is expected to roll out in the next few weeks.
In other countries, Google Pay allows people to be card-free while paying for stuff in stores, as well as online transactions. In India, Tez has been allowing people to go cashless for transferring money. Even they do not require to share their bank account details.
Google Pay is already successful to get a large number of users on its platform. And now, it is hoping to get more users there. It is worth noting that Google is not making money on transactions conducted on its platform as it works on UPI. There are many other apps that allow UPI transactions – including government’s UPI app, WhatsApp’s payments, and Paytm. So, it is obvious that Google had to work hard for getting more and more people to use its app.
The company wants to provide more functionality withing the app
A spokesperson from Google cleared that the company will never sell user data to advertisers for making money. Also, it will never charge any businesses a fee to provide offers to its customers.
The company reports that it already has 1.2 million small businesses on its platform out of which many are from New Delhi and Bangalore. In India, 22 million people and businesses are currently using Google Pay. About 750 million transactions were conducted with an annual rate of $30 billion transaction value, since its launch last year.
The General Manager of the company for Next Billion Users and Payments, Caesar Sengupta said that the company is looking forward to its next steps. It wants to build close partnerships with domestic banks in the country to provide more functionality within the app. Also, it wants to use this experience from India to other countries.