Google India has launched retail loans for businesses using Google Pay

By siliconindia  |  Monday, 23 October 2023, 12:06:10 PM IST

Google India has launched retail loans for businesses using Google Pay
Google India is entering the retail credit industry with Google Pay, giving 'sachet loans' to boost local small companies. These smaller loans are intended to support Indian enterprises that frequently demand more modest capital. Google India, in collaboration with DMI Finance, has made these sachet loans available through the Google Pay app. The loans will be available for amounts as little as Rs 15,000 and can be repaid in handy installments as low as Rs 111.
In addition to sachet loans, Google Pay has partnered with ePayLater to provide businesses with access to a credit line, assisting with their working capital needs. This credit line enables companies to purchase goods and supplies from both online and offline distributors. Furthermore, Google India has expanded its capabilities by collaborating with ICICI Bank to introduce credit lines via the Unified Payments Interface (UPI). In addition, in conjunction with Axis Bank, the company has expanded the variety of personal loans available through Google Pay.
Ambarish Kenghe, Vice President of Google Pay, emphasized the crucial contribution Google Pay has played in allowing UPI transactions reaching Rs 167 lakh crore over the last year. Kenghe underlined that a significant part of Google Pay loans have gone to borrowers with monthly earnings of less than Rs 30,000, with many hailing from tier 2 towns and beyond. Sanjay Gupta, Vice President and Country Head at Google, reaffirmed the company's commitment to improving artificial intelligence safety during the 9th Google for India event. Google also revealed intentions to start local production of Pixel products, including the Pixel 8.

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