Google’s unification of its payment services under the Google Pay brand seems to be coming to an end. The company today rebranded its India-centric payments app Tez with Google Pay, essentially bringing the much-awaited service to India. However, Google Pay for India is different from Google Pay for the rest of the world. Unlike in other countries where it relies on NFC technology for contactless payments, in India, Google Pay will use the government’s Unified Payments Interface (UPI) platform. UPI essentially acts as a bridge between the bank accounts of sender and receiver. Besides Google Tez, its functionality is also present in apps of all major Indian banks and mobile wallet companies.
Google announced that it’s also working with various service providers to make Google Pay mainstream in India. It has already tied up with Dish TV, Goibibo, Mi.com, Redbus, BookMyShow, Jet Airways, Reliance, Nykaa, Croma, FoodPanda, and Zerodha. More services are also likely to be added in the coming days.
As far as supported banks are concerned, Google’s Pay for India (erstwhile Tez) already works with all major Indian banks. It already has 22 million active users, and 750 million transactions have been done on it so far ever since it was launched in September 2017. In the coming days, these numbers are likely to go up as the company is also planning to facilitate the sanctioning of paper-less loans from within the Google Pay app. The company has already partnered with ICICI Bank, HDFC Bank, Federal Bank and Kotak Mahindra Bank for this feature, and it is likely to be rolled out slowly over the course of next few days. When it’s rolled out users will receive notifications regarding it inside the app. For now, it works just like Tez without any major differences in day-to-day functionality. Give it a shot and let us know in the comments if there’re any major changes.
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