Google rebrands Tez as Google Pay, enters instant bank loan segment

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Google PayTechnology giant Google has rebranded its payments wing Tez as Google Pay. With this new avatar, the firm is set to enter the instant bank loan segment and has tied up with HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank, on minimal paperwork.

Launched in India last September as Google Tez, the re-branded Google Pay will now be operational in other countries too. The announcement was made at Google for India event today.

 “In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account,” said Caesar Sengupta, General Manager, Google.

 “The world has certainly taken notice of India’s digital payments success and our deep investments here with Tez. Many governments are asking us to work with them to bring similar digital payments innovations to their countries,” Google said

Google quoted that it has over 22 million monthly active users on Google Pay who have opted for over 750 million transactions with average annual transaction of 2 lakh crore.

With this expansion, Google Pay services will be soon available at over 2,000 online merchants and e-commerce websites including Redbus, BookMyShow, Mi and Goibibo, besides over 15,000 retail stores like Big Bazaar, e-Zone, and FBB.

 According to Google CEO Sundar Pichai,Tez is significant to the company’s India strategy and also key to its global payments push.

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