New Delhi: During the “Google for India” event in Delhi, the Tech giant Google announced that it will collaborate with banks and NBFCs to launch a variety of credit-focused solutions for Indian customers and retailers.
Google has made a number of announcements for various products and services, including Search, Google Cloud, and others, but the announcements about Google Pay were the main attraction of the event.
Google India debuted sachet loans on the Gpay app, highlighting the frequent demand for smaller loans among Indian businesses. Small businesses can apply for loans starting from ₹15,000, with reduced payback periods starting from ₹111. Together with regional partners, Google is now making a profitable move into the Indian loan market, which is aimed at regular consumers and small merchants as well.
Notably, Google Pay holds more than 30% accounts of all UPI transactions in India, giving them a sizable market share to enter into this industry. By collaborating with Axis Bank, Google India also increased the range of personal loans available on Google Pay. Customers using Google Pay can now apply for personal loans from Google. It already provides personal loans via the app, and more partners are scheduled to be added soon.
Additionally, Ambarish Kenghe, vice-president of Google Pay, disclosed that during the previous 12 months, ₹167 lakh crore worth of transactions were made using UPI. Kenghe stated that “with half of the loans disbursed through Google Pay to borrowers with less than ₹30,000 of monthly income, a vast majority of which belong to tier 2 towns and beyond”.
To provide easy merchant loans and repeat loans, Google has also teamed with Indifi and ICICI Bank. Google has also introduced a merchant credit line in collaboration with ePayLater to assist businesses in obtaining a credit line more quickly for their working capital needs.
Additionally, it introduced the “DigiKavach” programme in India, whose goal is to stop financial fraud there.
Google describes DigiKavach as an early threat detection and warning system that is intended to spot and investigate new trends in financial fraud before they have a chance to create “widespread harm.”
In order to identify the dangers early, its teams will first examine the techniques and procedures used by scammers.
After PhonePe, Google Pay is the second-most popular UPI app in India. 378 crore UPI transactions were made in September using Google Pay, adding to a total of Rs 5.41 lakh crore.
