New Delhi: In a bid to increase its market share in India’s payments market, Google today rebranded its payments app Google Tez into Google Pay, introduced new features and widened its scope with new tie-ups.
At its annual event Google for India, the tech giant announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers.
Google also announced the partnership with financial institutions such as HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to facilitate pre-approved loans to customers.
Google had launched Tez in September last year. Based on the government-backed UPI platform, Google Tez allowed users to make and receive peer-to-peer transactions.
Unlike Paytm and other mobile wallets, Google Pay allows users to exchange money directly from their bank accounts. Since its launch, Google Pay has seen over 750 million transactions worth over $30 billion (Rs 200,000 crore).
“In just under a year, Tez has found a place in the lives for more than 22 million people and businesses who use it every month. People from over 300,000 suburban areas, towns and villages are using it to pay their electrician, book bus rides or split dinner bills with friends,” Payments and Next Billion Users Initiative general manager Caesar Sengupta wrote in a blog post.
Google Tez has over more than 50 million downloads on Android Play Store. The application is also available on Apple’s App Store. Let’s take a look at the top features of Google Tez aka Google Pay.
Google says it has 22 million monthly active users on Google Pay who have made over 750 million transactions with an average annual transaction of 2 lakh crore.
As it expands the scope of Google Pay, the service will soon be available at over 2,000 online merchants and e-commerce websites including Redbus, BookMyShow, Mi and Goibibo, besides over 15,000 retail stores like Big Bazaar, e-Zone, and FBB.
Just like Paytm, Google Pay also offers a number of cashback schemes. Currently, it is offering scratch card (virtual) worth up to Rs 1,000 on paying or receiving Rs 150 or more. There’s also a “Lucky Fridays” scratch card that could you win up to Rs 100,000 on sending Rs 500 or more. On paying electricity bills with Google Tez, you are assured Rs 50 cashback. Under the dedicated Rewards section, you can monitor all the money you’ve earned from Google. The company has continued its offer of Rs 51 cashback on referring a friend to Google Tez.
Google CEO Sundar Pichai had said Tez is central to the company’s India strategy and also key to its global payments push. The payments app has localized, supporting several Indian languages, and is chasing young users with games that offer cash back.