Google About To Collaborate With Banks So As To Provide Instant Loans To Users


Google Pay

Internet giant Google held its “ Google for India” event in New Delhi to share details about all the India-centric things that the company is working on. 

The company made a number of announcements during the event ranging from re-branding the existing Google Tel app to Google Pay, bringing Google Station in Andhra Pradesh in partnership with State FiberNet, and Project Navlekha to bring information in regional languages on to the internet.

Other new things include improvements in the Google Go and Google Maps Go apps for Android Go users and improvements in the Google Assistant . Google also teamed up with RedBus to bring public transportation information on Google Maps along with the pricing and timing.

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Looking at all the announcements made,
Google Pay seemed to be one of the highlights of the event where the company indicated that it is moving beyond the app to online transactions over the internet, in other apps, online and even offline retail stores, or even across other products that Google provides.

The company noted that it currently supports websites including Goibibo, FreshMenu, redBus, and more than over two thousand other apps and websites. Google is working on adding more partners and it also announced plans to include a “deeper integration” with BookMyShow.

Talking about retail stores, users will be able to use Google Pay to pay at retail stores including Big Bazaar, e-Zone, and FBB.

However, in addition to all these upcoming features, Google noted that its aim “is to make money simple” and that will extend beyond payments so that users can “accelerate financial inclusion”.

To do this, the company will team up with the likes of HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to offer “pre-approved loans” to users directly from the app. This is also known as an instant loan where users can get “customized loan amount” with “minimal paperwork”.

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