Back in September 2017, Google had introduced its India-only payment app called Tez based on the UPI platform. As per Google, just under a year of launch, Tez app has been used by 22 million people and businesses with over 750 million transactions. These transactions are worth over US$30B annually that comes around 200 thousand crore rupees. As of now, Tez is limited only to India and to unify all of Google’s payment offerings globally, Google is making the Tez app, a part of Google Pay. Starting today, Tez will now be called Google Pay.
Other than the name, all the features of the app will remain the same. Apart from the current functionalities, you can now use Google Pay in more places on the Web, Apps, In stores and also across Google products such as Google Play, Adwords etc. In addition to these features, Google is also partnering with banks such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans. You will be able to use Google Pay to take out a customized loan amount from their banks, with minimal paperwork, and once you accept the bank’s terms, money will be deposited into your Bank account. Make a note that, Your account and transactions are not affected by this change. You’ll receive a notification to update the app to the latest version.
Google Pay India Quick Highlights
- Instant fund transfer directly to your bank account
- Fund transfer using Bank account number and IFSC code
- Recharge your prepaid mobile
- Pay your bills – Postpaid, DTH, Electricity, Internet etc.
- Instant loan approvals from Bank – HDFC, ICICI, Federal, & Kotak Mahindra Bank (Coming soon)
- Transact securely on Goibibo, FreshMenu, redBus and in over two thousand other online apps and sites
- Deeper integrations with BookMyshow – Book movie tickets directly from Google Pay app
- Pay at Big Brands – Big Bazaar, e-Zone, FBB etc.
- Earn scratch cards and other rewards