Google on Tuesday renamed the digital payment service for India, Tez, as Google Pay. Tez (meaning fast in Hindi) – an account-to-account payment platform was launched in India last year to enable transactions using UPI. It was announced by Google VP Caesar Sengupta that the platform would be rebranded as Google Pay. By bringing UPI capability under Google Pay, the company will allow users to access it across all its applications. This means that users will be able to send money within emails, make purchases in its online store and even get instant loan approval from some banks. Check the benefits and key features of the app - Google Pay:

 

Bank loan pre-approval


• In its new feature, Google said that the app could soon help its Indian users get instant "pre-approved" loans from some banks.
• Google announced that it is partnering with four Indian banks — Federal Bank, HDFC Bank, ICICI Bank and Kotak Mahindra Bank — to provide instant loans to the app’s users.
• According to VP Sengupta the banks will bring their financial capabilities, understanding of the user and their customers, while Google will add its user experience and ability to make complex processes extremely simple and very fast.
• Google Pay works with all major banks in India on BHIM UPI (Unified Payments Interface).


How will user get loan pre-approved


Step 1) With the rollout of this feature, eligible users will see a notification telling that that they are pre-approved.

Step 2) Next, the users would have to decide how much they want to borrow, and how quickly they would like to repay.

Step 3) Finally, after reviewing the terms of the loan, the bank will deposit the money in their bank account instantly — without the need of any additional paperwork, Google said.

Benefit for buyers and sellers




• In coming weeks and months, Google is making Pay even more useful
• It is planning to expand the places users can pay in-store and online
• It will also expand services for merchants

Utility bills payment


• Google Pay will let the user recharge DTH service
• It will also help the users in paying for other utility bills like electricity, gas, water, insurance, property tax and even auto finance (Bajaj) among others, as per the report by Hindustan Times
• Google Pay also allows customers to pay for mobile, landline and broadband
• Payments to select businesses will also be made available at Google Pay
• Currently, the application supports payments to services like redBus, Zerodha, TataSky, BESCOM, and Goibibo

Incentives




• Just like Paytm, Google Pay also offers a number of cashback schemes, reported HT
• As of now, the company is offering scratch card (virtual) worth up to Rs 1,000 on paying or receiving Rs 150 or more
• With its “Lucky Fridays” scratch card, the user could win up to Rs 100,000 on sending Rs 500 or more
• On paying electricity bills with Google pay, the user are assured Rs 50 cashback
• Under the dedicated Rewards section, the user 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 pay

About Tez app


• Google launched the Tez app in India in 2017
• Since last year, over 55 million people have downloaded the app
• More than 22 million people and businesses actively use the app for digital transactions every month