Google has changed its payment app Google Tez to Google Pay to tap into the growing Indian digital payment space. The tech giant has also partnered with private banks to facilitate instant disbursement of pre-approved loans to user’s account.
Tez, built over the UPI interface, was launched in India in September 2017. Since its launch, Tez has seen 55 million downloads, 22 million active users, 750 million transactions with annual run rate of with $30 billion.
Caeser Sengupta, General Manager, Google Payments, said the re-branding gives the payment service better scope, take the product global and import global features in India.
For instance, in the US, users can attach money through emails. Sengupta said the re-branding facilitates bringing of these services to India. Also since Tez is built for the Indian market, features can be replicated in the other regions. “Many countries like India that are on their journey of digital transformation, where we could use Tez,” Sengupta added.
Sengupta said, “There are many countries that have approached us where they either have UPI-like system or in partnership other players.”
Google Pay is operational in 18 countries across the world.