Google Pay: Google Pay to offer credit products to consumers and small businesses in India
NEW DELHI: As it looks to expand its footprint in India where scores of people still don’t have adequate access to financial offerings and services, Google Pay said that it will start offering a slew of credit products to consumers and small businesses in the country by partnering with lenders and financing companies. “While the credit is underwritten by accredited financial institutions, Google Pay collaborates with them to make it accessible, simple and convenient,” the firm said.
The fintech company which competes with the likes of Paytm and PhonePe in India will extend sachet or small ticket loans starting at Rs 15,000 to merchants in collaboration with DMI Finance. Besides, to help merchants meet their working capital requirements, it is enabling a credit line for them in partnership with ePayLater.
“Credit remains significantly under-penetrated in India compared to global averages,” the firm said. At a time when the rise of online apps have led to a proliferation of financial frauds and scams, Google Pay said that its aim is to disburse responsible credit to its users. Google Pay which along with PhonePe and Paytm drives the bulk of the country’s UPI volumes will focus on providing people with access to credit as it charts its next phase of India growth, vice-president Ambarish Kenghe said on Thursday.
For consumers, the company is expanding the portfolio of personal loans by partnering with Axis Bank which will make its personal loans available on Google Pay. “Earlier this year, Google Pay added the facility to add Rupay credit cards to the app, and using them to seamlessly make payments via UPI.
Extending this functionality further, in collaboration with PSP (payment service provider) ICICI Bank, users can now avail credit lines from banks on UPI, and use it to make payments via Google Pay in the same way that they would with a UPI payment, the firm said.
The fintech company which competes with the likes of Paytm and PhonePe in India will extend sachet or small ticket loans starting at Rs 15,000 to merchants in collaboration with DMI Finance. Besides, to help merchants meet their working capital requirements, it is enabling a credit line for them in partnership with ePayLater.
“Credit remains significantly under-penetrated in India compared to global averages,” the firm said. At a time when the rise of online apps have led to a proliferation of financial frauds and scams, Google Pay said that its aim is to disburse responsible credit to its users. Google Pay which along with PhonePe and Paytm drives the bulk of the country’s UPI volumes will focus on providing people with access to credit as it charts its next phase of India growth, vice-president Ambarish Kenghe said on Thursday.
For consumers, the company is expanding the portfolio of personal loans by partnering with Axis Bank which will make its personal loans available on Google Pay. “Earlier this year, Google Pay added the facility to add Rupay credit cards to the app, and using them to seamlessly make payments via UPI.
Extending this functionality further, in collaboration with PSP (payment service provider) ICICI Bank, users can now avail credit lines from banks on UPI, and use it to make payments via Google Pay in the same way that they would with a UPI payment, the firm said.
