Google Tez will now be rebranded to Google Pay, announced the company in the 2018 edition of Google for India event held in New Delhi on Tuesday. Rich talks come to Google Pay, and Google intend to authorize 150,000 stores in India to use Google Pay by Diwali 2018. In addition, businesses and merchants can now pay for Google ads using Google Pay. Google claims that over 1.2 million Small businesses in India already use Google Tez (now rebranded as Google Pay).
"Everything you love will remain the same," said Caesar Sengupta, GM, Payments, and Next Billion Users Initiative on Google, at the event that emphasizes this is a clean rebranding exercise a Not a dilution of an existing service.
"The many things you love about the app – the familiar contacts on your home screen, the one-touch mobile command, and of course the fun offers and benefits – are all here to be. In fact, over time, we will bring many of these features to Google Pay users in other countries, just like we want to bring features we've launched elsewhere to India, says Sengupta in a blog post.
Google Pay gets integration for loans in collaboration with Federal Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and others. The loans will be pre-approved and will only be provided to bank customers through the banks. Google Pay will primarily serve as intermediary. Pre-approved loans will start appearing in the app in the coming weeks.
At this event, tech giant announced that 22 million people now use Google Tez every month and have collected a total of 750 million transactions since its launch in September last year. The company also claimed that the monthly BHIM UP I transactions have grown 14 times since the launch of Google Tez.
The rebranding process will complete in the next few weeks. Buyers will have the ability to activate payments directly from their app. Here customers can simply swipe the Pay button to make payments to their nearby merchants. There would also be an option to show a QR code to customers to make seamless payments. Merchants will get transaction history on their app along with the image and name of the customers and the amount they have paid, as well as the transaction ID for each transaction that occurred earlier.
Back in March this year, Google Tez has added a simple chat feature that allows users to communicate with their contacts while sending and receiving money via UPI.