Google Pay is offering credit-focused solutions to customers and merchants with banks and NBFCs. Google Pay wants to grow its personal loans portfolio with Axis Bank and allow UPI bank credit lines with ICICI Bank…
Google Pay, one of India’s largest online payment service providers, will partner with banks and NBFCs to offer credit-focused solutions to customers and merchants.
At Google’s annual Google for India event in New Delhi, the company announced Gpay app-based sachet loans for Indian businesses and customers. Tech giant partners with DMI Finance to offer loans.
Sachet loans, from Rs 10,000 to Rs 1 lakh, with 7-day to 12-month payback terms.
Google partnered with Indifi last year to find merchant lending opportunities.
SPOTLIGHT
Google Pay and ePayLater allowed a merchant credit line to support merchants with working capital. These start at Rs 15,000 and have EMIs from Rs 111. Tech giant partners with DMI Finance to offer loans.
For consumers, Google Pay is increasing its personal loans portfolio with Axis Bank and offering bank credit lines on UPI with ICICI Bank. Their offerings stress data privacy, security, consent, and control.
The internet giant claimed it would expand formal credit to lower-income consumers by digitizing credit with privacy precautions.
Formerly, Google Pay and DMI Finance offered personal loans.
Additionally, Google India announced various initiatives for Indian small enterprises. Google announced “Google Merchant Center Next will automatically populate a merchant’s product feed with information detected from their website” using AI.
Additionally, Google Merchant Center Next will provide businesses full control over feed content.
It also launched ‘DigiKavach’ in India to avoid financial fraud.
Google describes DigiKavach as an early danger detection and warning system that detects and studies financial fraud tendencies before they create ‘widespread harm.’
Under this, its staff will first investigate scammers’ strategies and tactics, then draw insights to spot dangers early.
Finally, the teams will work with a ‘wider ecosystem’ to share findings.
Conclusion
India’s leading online payment provider Google Pay is partnering with banks and NBFCs to offer credit-focused products to customers and merchants. The company will offer sachet loans with 7-day to 12-month payback terms and merchant credit lines starting at Rs 15,000 with EMIs from Rs 111. Google Pay is also increasing its personal loans portfolio with Axis Bank and offering bank credit lines on UPI with ICICI Bank. These offers focus data privacy, security, permission, and control to reach more low-income people with formal credit. For small enterprises, Google India offers AI-powered product feed population and Google Merchant Center Next, which gives merchants full control over their feed.
