Looking at expanding its footprint in the digital payments sector, Alphabet’s Google has rebranded its Tez application to Google Pay as part of a global plan to consolidate its financial products.
Google Pay will retain Tez’s features, notably its Audio QR – earlier called Cash Mode, now called Tez Mode – to transfer money using the National Payments Corporation of India’s (NPCI’s) Unified Payments Interface (UPI).
According to Google, there are 22 million Pay users who have performed 750 million transactions worth an annual average of Rs 2 lakh crore. Chief executive officer (CEO) Sundar Pichai has said that Tez is central to the company’s India-specific strategy and also its global payments push.
According to a report by Mint, Google has also partnered with four major banks – ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Federal Bank to provide instant, pre-approved loans using the app.
India’s expanding digital payments market has seen many international majors bet big money on it. Earlier this week, Warren Buffet-led Berkshire Hathway announced the acquisition of a minority stake in Paytm.
An appeal from Swarajya
At Swarajya, we rely on our readers' support through subscriptions to sustain our media platform. Unlike larger conglomerates, we are unable to relentlessly chase advertising money — our model is largely built on your patronage.
Your support has never been more crucial. We work tirelessly to deliver 10-15 high-quality articles daily, ensuring you receive insightful content from 7 AM to 10 PM.
If you believe India's story has to be articulated in a way it has never been done before without shrugging it off, become a patron (or) subscribe now for ₹̶2̶4̶0̶0̶ ₹1999 and get 12 print issues, unlimited digital access for 1 year, a special India that is Bharat T-shirt (Offer ends soon).
We are counting on you!