Several major announcements were made during the Google for India 2018 event. Meanwhile, Google rebrands its payment app Google Tez to Google Pay. So Google Tez will be known as Google Pay. Google wants to make its payment service available to Diwali at around 150,000 stores in India by 2018. The search engine giant has also claimed that more than 1.2 million small traders in India will be able to use Google Pay.
Google Pay has a new facility
Now Google Pay comes with an instant loan facility. An instant loan facility will also be made available to users through this payment service. For this facility, Google has partnered with Federal Bank, HDFC Bank, and some other banks. The amount of loan given to users will be pre-approved. The amount will be given to the user through the bank. During the event, Chief Operator of Next Billion User, Caesar Sengupta said, “The only name of Google Tez has been changed. Its features are kept the same as before. No changes have been made in this.”
At the Google for India 2018 event, it was reported that the app is used by 2.2 million people per month. If you look at data, then about 75 crore rupees transaction has been done through Google Pay since September last year. The company has claimed that after the launch of Google Tez, the transaction with Bhima UPI has increased 14x every month so far.
The Google TeZ App was launched in September 2017. The app works on NPCI’s UPI platform. It supports both Android and iOS platforms. This is not a mobile wallet working like Mobikwik or Paytm. This is a UPI (Unified Payments Interface) app. Through this app, you can transfer money to anyone’s account. You do not need an IFAC code or account number for this. You can exchange money through the mobile number associated with the UPI.