At the last year’s Google for India event, Google has officially launched the UPI-based mobile payment app called Tez in India. A year later, the company now decided to rebrand Google Tez as Google Pay. However, it is completely different from the Google Pay service available in other countries. The Google Pay (India) will be exactly the same Tez app, but with the different new name.
Recently, the company also added bill payments within the app. In the coming days, we will also be seeing Google offering instant loans by partnering with leading banks including HDFC, ICICI, and Kotak Mahindra Bank. The pre-approved loan amount will be credited in Google Pay users bank account in a few seconds.
While Google Pay can be used at any outlets which accept UPI payments, Google will also strengthen its market presence by making payment service available at more than 15,000 stores. In other countries, Google Pay users can add credit cards to their account for making payments through smartphones with NFC support.
Talking about the numbers, there are over 22 million people who use Tex every month. A total of 750 million transactions are made with a total transaction value of $30 billion. There are also other announcements made on the same stage. Google has announced the Android Pie Go edition as an upgrade to Android Oreo Go Edition. Stay tuned on PhoneRadar for more details!