Google Tez aka Google Pay will soon be offering instant loans to users: here’s everything you need to know

Google Tez aka Google Pay will soon be offering instant loans to users: here’s everything you need to know

Google Tez will now be called Google Pay.

Google Tez is now Google Pay. At the Google For India 2018 event on Tuesday, the tech giant announced that Google Tez is getting new features and a new name. Google Tez will now be called Google Pay.

“Other than the name, the app stays the same with all the features and functions you love. Sending a gift with a happy birthday spark or paying a merchant directly from your bank account with no fees is as quick and easy as ever” said Caesar Sengupta, vice president of Next Billion Users initiative and payments.

But there’s a new feature – one that can prove to be quite important in the long run – has arrived in Google Pay. Google is partnering with several banks in India to provide instant loans to Google Pay users. Giving more information on the move, the company also said it was working with banks like HDFC, ICICI, Kotak Mahindra and Federal Bank to enable the feature. Although the instant loans feature has not yet been made available to users, Google explains how it will work.

Google Pay loan: how it will work

Google Pay Instant Loan will not work like a normal bank loan. Users will not be able to decide the loan amount. The bank will decide the loan amount for a particular user. Banks are said to have a fixed pre-approved loan limit for a particular user based on their bank account and Google Pay transaction history. More instant loans here:

The Google Pay app will have a separate section where it will display the available loan amount, loan term, EMI amount, and date. Google will also make it easy for users to pay for the IME. Google Pay will include an automatic bill payment option on its app so that users can pay IMEs on their loan on time and not miss deadlines. Google has said it will reveal more details about the instant loan features on Google Pay in the coming days.

READ ALSO : Google for India: Tez renamed to Google Pay, Wi-Fi station to reach more than 12,000 places in Andhra

Google Tez is already a big hit, Google said. During Google For India, the company announced that over 22 million people and businesses use Google Tez and so far Google Pay has been used to complete over 750 million transactions since its launch. Google Tez was introduced in September of last year. “Since its launch, more than 22 million people and businesses have used Tez to complete more than 750 million transactions with a total value of over $ 30 billion. We believe that many of the innovations and features we have launched with Tez will work in other countries. To take Tez beyond India, we will unify all of Google’s payment offerings globally, ”says Sengupta.

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