Google Bets Big On Indian Payments, Rebrands Tez To Pay, Will Offer Instant Loans With ICICI And HDFC
Google Bets Big On Indian Payments, Rebrands Tez To Pay, Will Offer Instant Loans With ICICI And HDFCGoogle Tez

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.

At the domestic level, India is set to see a host of new Payments Banks open shop, including India Post, and Mukesh Ambani-led Jio’s YONO app.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber