Flipkart puts in ₹451 cr more into its payment arm PhonePe

The logo of Google Pay - Twitter/@GooglePayIndia
Google has rebranded its payment app Google Tez to Google Pay to tap into the growing Indian digital payment space. The tech giant has also partnered with private banks to facilitate instant disbursement of pre-approved loans to user’s account.
Tez, built over the UPI interface, was launched in India in September 2017. Since its launch, Tez has seen 55 million downloads, 22 million active users, 750 million transactions with annual run rate of with $30 billion.
Speaking at the 4th edition of Google for India event here on Tuesday, Caeser Sengupta, General Manager, Google Payments, said the re-branding gives the payment service better scope, take the product global and import global features in India.
For instance, in the US, users can attach money through emails. Sengupta said the re-branding facilitates bringing of these services to India. Also since Tez is built for the Indian market, features can be replicated in the other regions. “Many countries like India that are on their journey of digital transformation, where we could use Tez,” Sengupta added.
Sengupta said, “There are many countries that have approached us where they either have UPI-like system or in partnership other players.”
Google Pay is operational in 18 countries across the world.
In addition to the payment service, Google Pay in India will also enable seamless disbursement of loans through its app. If a user has pre-approved loans from a bank that Google Pay has partnered with, they can use the app to mention the amount they want to borrow and input time period it will take to repay. Then, the the amount will be credited to the user's account.
The company has partnered with four banks HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Federal Bank and is also actively in talks with different banking partners for the same. However, there is no plan of partnering with non-banking entities, he added.
Google Pay is expanding its operations to physical stores such as BigBazaar and smaller merchants such as kirana stores. Google Pay will be available in 15,000 big brand shops by Diwali. Sengupta said to bring smaller merchants, they will be run a pilot in Bengaluru and Delhi to understand what which features will work for them better before expanding it in phases in India.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Digital money-lending platforms may be hassle-free and convenient, but look before you leap
Both the Nifty 50 and the Sensex continue to record new highs, but stay alert
Those with a moderate risk appetite & an investment horizon of 3 years can consider the fund
Ensure that the investment thesis based on which you bought the IPO still holds good
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
Although they match their Gujarati, South Indian and North Indian counterparts bite for bite, Maharashtrian ...
Actor-director Seema Pahwa spent her time in pandemic 2020 building stories around the eccentricities of joint ...
The clinician scientist on how to combat a mutating virus
Agencies are optimistic that ad volumes and spend will rebound
When tech meets fashion, it can knock your socks off
2020 ambushed and battered agencies — but advertising kept audiences engaged
The turn of the year is a great opportunity for brands to put their best feet forward and showcase ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor