Google announced earlier to combine its Android Pay and Google Wallet to give a single solution – Google Pay. And now Google finally announced regarding that at the Google for India event. From now onward, Tez will be rebranded as Google Pay.
If we look at the existing data, since the launch of Tez last September, there are now 22 million monthly active users. Over 750 million transactions were made that are collectively worth over 2 lakh crore or $30 billion annually.
It’s certainly been a year to remember. #GooglePay #GoogleForIndia pic.twitter.com/GDhfnSqiFR
— Google Pay India (@GooglePayIndia) August 28, 2018
Google also announced that now Google pay will work on over two thousand other online apps and sites including Goibibo, FreshMenu, and RedBus. Google is also working with more partners to expand its reach to over 15,000 retail stores across India. Later this year, Google Pay will be available at retail stores, like Big Bazaar, e-Zone, and FBB.
They’re also launching a new Merchant mode to help locals to grow their business. This features will enable them to do the transaction over the phone. People can easily discover them through Google Search and Maps. It’ll also provide an option to communicate with their customers through messages.
Google is also partnering with banks to integrated the loan features within Google pay. Currently, they’re working with HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to the customers. This feature will roll out in upcoming weeks and with this users can get a loan with minimal paperwork.
Source – Google Blog
