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    Google Tez is now Google Pay, check out its all new features

    Synopsis

    A re-branded version of its payments app, Google Pay will host a new line of features such as pre-approved loans.

    Google rebrands 'Tez' payment app as Google Pay, adds new features
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    With an eye on the ever growing Indian payments market, Google today, at its annual event for India, re-launched its payments app, Google Tez as Google Pay. A re-branded version of its payments app, Google Pay will host a new line of features such as pre-approved loans.

    Here is all you need to know about Google Pay:
    *Pre-approved loans: Google has teamed up with , , Federal Bank and Kotak Mahindra Bank to provide pre-approved loans. Google will allow its users to get pre-approved loans in a matter of minutes, by-passing the hassle of paperwork.

    * To get a loan from Google Pay, customers just need to accept the bank's terms and the money will be deposited into their bank account.

    *Customers can use Google Pay to transact securely at over two thousand online apps and sites like Goibibo, FreshMenu, redBus etc.

    * Google plans to enable payments at retail locations like Big Bazaar and FBB by the end of the year. It also plans to expand the payment facility at all the branded stores in future.



    *The internet giant, Google with its new strategy looks poised to tap the small retailers of Indian markets.

    *The payments market is estimated to expand to $1 trillion in the next five years from $200 billion currently, according to Credit Suisse Group AG.

    * Caesar Sengupta GM, Payments and Next Billion Users Initiative in his blog said that 1.2 million local Indian businesses will be helped by Google Pay.

    * Launched in 2017, Google Tez, witnesses 22 million active monthly active users. Tez, according to Google, saw over 750 million transactions worth more than Rs 200,000 crore
    (Click here to know how to save on taxes for the financial year 2020-21.)

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