Last year in September, Google announced its UPI based payment service Google Tez for India. Now the company has rebranded it as Google Pay. It is worth to note that Google also merged to Android Pay And Google Wallet Into Google Pay earlier this year with an aim to have a single payment system. So, it decided to rename Tez to pay for India as well.
Google Tez now has 22 million monthly active users and over 750 million transactions have been made till date.
Google is also working with over 15000 retail stores across the India for making Google Pay available. By the end of the year, it will be available at stores like Big Bazaar, e-Zone, and FBB where you can pay using Google pay.
Google is inviting merchants to join Google Pay and start accepting the payments. Along with receiving digital payments, Google will also help them in being discoverable receiving digital payments. Google has also started testing it with merchants in Bangalore and Delhi.
Google has also partnered with HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to the customers right within the Google Pay. So, you will be able to use Google Pay to take out customised loan amount from these banks soon.
After today’s announcement, Google will be directly competing with Paytm that is quite popular among merchants for accepting payments. While Paytm also has UPI based transactions, it encourages merchants for using wallet. But Google Pay is purely UPI based where money flows from bank account to bank account. After being available to retail stores, it will surely hurt Paytm’s marketshare.
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