Tez renamed to Google Pay!

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Last year Google had launched Tez, a UPI based platform for money transfer is now being Renamed to Google Pay. While Google Pay is available in countries like USA which carries mobile-based payments via NFC, The Google Pay in India will still work on UPI. Google has also added additional features to the app with this update. Soon Google Pay users will be able to apply for a loon within the app as Google has partnered with a bunch of Private Banks.  “In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account,” Google’s general manager (payments) Caesar Sengupta said.

 

“The world has certainly taken notice of India’s digital payments success and our deep investments here with Tez. Many governments are asking us to work with them to bring similar digital payments innovations to their countries,” Google said. According to Google, they have almost 22million active users on its payment platforms in India with over 750 million transactions and average annual transaction of 2 lakh crore.

 

 

Google is also planning to take Google Pay to Online Merchants like RedBus, Mi, BookMyShow etc. Google Pay has always revamped the merchant side of App and the tech Giant will now be focusing on gathering more and more merchants to use their app.

 

From the date of launch, Google has been offering lucrative offers such as cash back to retain their young customers and it definitely worked out for them. Google Pay will continue providing scratch cards and cashback along with the option to invite others as a referral program.

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