Google Pay may launch credit feature for SMEs: Report
By MYBRANDBOOK
Google Pay, planning to expand its services and gain market share in India by rolling out a credit feature for small and medium enterprises (SME).The feature is expected to roll out by the year-end.
For the rollout, Google is said to partner with top Indian lenders, aiming at providing instant credit to over 3 million verified lenders, the reports say. Though it is currently unknown which partner lenders will be a part of this Google Pay scheme. For the consumer loan feature, Google has partnered with HDFC Bank, ICICI Bank, Federal Bank, Axis Bank and Kotak Mahindra Bank. Partner lenders will be responsible for the underwriting and collection of the credit, the report further added.
Ambarish Kenghe, the Senior Director for Product Management - Google Pay, said, “We’re working with our partner financial institutions to surface their loan offerings for merchants, which can be availed right within Google Pay, something that is especially pertinent in these uncertain times.”
Kenghe further added that the discussions were still in the early stages. However, he expects the feature to go live by year-end. “The loan product will be offered by the financial institutions and the emphasis is to ensure that the merchant has full control and visibility of the loan application process,” he said.
Google Pay recently rolled out the ‘Nearby’ Spot feature recently, which enables small businesses to create a digital storefront online through the app interface. It has seen large merchants such as Zomato, Grofers, MakeMyTrip, 5 Paisa and Dunzo come on stream. The UPI-based service platform now aims at bringing smaller merchants onboard.
The competition in this space has intensified, especially after Facebook’s investment in Jio Platforms, which will facilitate the social media giant to integrate WhatsApp Pay with JioMart.
Amazon, too, is working on bringing offline merchants online.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TECHROUTES NETWORK PRIVATE LIMITED
MATRIX COMSEC PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
SECUREYE SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
