Google has announced that its digital payments app catering to Indian users, Tez, is now being rebranded as Google Pay. With Tez, users in India could directly transfer money using BHIM UPI. The app helps create the instant money transfer ID for multiple accounts.
With Tez, users can easily save their card details and link bank accounts to the UPI ID for instant payments. Besides the rebranding, Google Pay will soon allow users to apply for pre-approved bank loans directly through the app. Users can select the amount and the repayment options. According to a report, the company has partnered with 4 major banks including HDFC and ICICI to facilitate this service.
The company plans to reach out to businesses and retail stores across the country to support Google Pay. In international markets, Google Pay is the equivalent of Samsung Pay and Apple Pay. These digital payment platforms allow to add debit/credit card details and bank account details to make payments for apps or at local stores.
In India, the support for Google Pay at major retail stores and other businesses can eliminate the inconvenience of carrying the cards or remembering bank account details. The UPI platform is secure as all transactions are instantly authenticated by the user.