The US search giant is set to offer instant and pre-approved loans to its customer’s right within Google Pay within few seconds. Alphabet Inc’s Google is partnering with the four Indian banks for granting their consumers online loans as fight for the $1 trillion digital finance market says. The company is teaming with the Kotak Mahindra Bank Ltd, Federal Bank Ltd, ICICI Bank Ltd, HDFC Bank Ltd for offering their customers instant and pre-approved loans “right within Google Pay in a matter of seconds,” it said in a statement.
From the Facebook Inc’s WhatsApp to Jack Ma’s Ant Financial, internet giants would be joining the race for providing the financial services in the fastest growing mobile arena. Online lending is becoming the upcoming frontier as the mobile users look for some small loans with some minimal paperwork which is served to them without the credit ratings as the Fintech companies use the data and the algorithms for determining the risks.
The Mountain View, a California based company has re-branded its Tez app made in India and was launched in the month of September as the Google Pay – the catch-all label for its payments services. The application users can design a customized loan and then get the money which was directly deposited in the bank account. It now intends for taking its features and the innovations to the other markets.
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“We’ve learned that when we build for India, we build for the world,” Caesar Sengupta, vice president of Google’s Next Billion Users initiative and Payments, said at the ‘Google for India’ event in New Delhi on Tuesday. More than 55 million people in more than 300,000 towns and the villages have downloaded the Google’s payment application for paying the bus rides, splitting the dinner bills with your friends or paying the repairmen, amounting it to $30 billion in the annual transactions said Google.
The overall market is said to forecast for expanding to $1 trillion by 2023 from $200 billion at present according to the Credit Suisse Group AG. Google has also announced that the other initiatives those include its Google Station internet access programs to nearly 12,000 villages and cities across the southern state of Andhra Pradesh, more Indian language content through a publishing effort called Project Navlekha; and a new feature in Google Go that let users listen to websites read out in English and five Indian languages.
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