Google has rebranded its digital payment app Tez as Google Pay. The UPI-based payment platform was launched in September last year to help users make payments in retail stores and conduct online transactions across apps.
The company disclosed in a blog post that Tez has so far facilitated over 750 million transactions amounting to $30 billion worth. Within a year, the app has created a niche for itself among 22 million people’s lives and businesses who use it every month.
Users from all over the country including suburban areas, towns, and villages, use it to make purchases and split bills among friends. Now Google wants to introduce the key features of the app to the rest of the world by unifying it under the Google Pay umbrella.
Payments and Next Billion Users Initiative GM, Caesar Sengupta, has assured that the “things that you love about the app” are not going to change. The core functionalities such as frequently accessed contacts on the home screen, one-touch mobile recharges, and the fun offers and rewards are all here to stay.
Sengupta also announced that Google is making partnerships with banks like HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to facilitate pre-approved loans to Google Pay users.
In the next few weeks, customers will be able to get approval for a customized loan amount from their banks through Google Pay. This will reduce a lot of paperwork, and on accepting the T&C’s of the banks, money will be deposited instantly into users’ bank accounts.