Google To Offer Instant Loans With Rebranded Digital Payment App: 5 Things To Know

Google is working with banks -- HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank -- to offer pre-approved, instant loans.

Alphabet Inc's Google rebranded its digital payment platform app, Tez, as Google Pay. According to a report of news agency Reuters, Google said it is partnering with a handful of Indian banks to bring quick loans to the masses, as it aims to woo millions of new internet users in the country to its digital payments services. Google is working with banks -- HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank -- to offer pre-approved, instant loans to their customers, right from within Google Pay, reported news agency IANS.

Here are five key things to know about Google Pay: 

1. Google's new loan feature will be rolled out to eligible users within the next few weeks. With the roll out of the service, eligible users will receive a notification, which will tell if they are pre-approved. 

2. The users will have to decide the loan amount and the duration of repayment. After reviewing the terms of loan, the bank will deposit the money in the bank account of the applicant without the need of any additional paperwork, according to Google, said IANS.

3. Google will be making Pay more useful by expanding the places users can pay in-store and online, expanding services for merchants, and working with the banks to provide instant loans to Google Pay users, reported IANS.

4. Google launched the Tez app in India last year and since then over 55 million people have downloaded the app and more than 22 million people and businesses actively use the app for digital transactions every month.

5. Google Pay works with all major banks in India on UPI (Unified Payments Interface).