Google already announced the combining of Android Pay and Google Wallet as a new service called Google Pay earlier this year. Google rolled out Google Pay as a unified payment solution in a bunch of regions. At that time India was using a new service called Tez from Google made for India only. Now Google has announced at the Google for India event that the Google Tez will be rebranded as Google Pay in India.
Google Tez service has about 22 million active monthly users since the launch of the app in September. These users have done over 750 million transactions of more than 2 lakh crore or $30 Billion collectively annually. Google also confirmed that the Google Pay service will work in more paying services like GoIbibo, Fresh Menu, RedBus and over two thousands online apps and services. Google is adding more partners which include a deeper integration with BookMyShow.
— Google Pay India (@GooglePayIndia) August 28, 2018
Google is also working with 15,000 more retail stores across India, Google Pay will also be available at retail stores like Big Bazaar, e-Zone and FBB. Google Pay will also have the merchant mode which will help Indian local business to grow more. Besides being able to receive digital payments, this will also help the businesses to get discovered on Google search.
The Google Pay services will also help the merchants to communicate to their customers about offers. Google is partnering with HDFC Bank, ICICI Bank, and Kotak Mahindra Bank to preapprove the customer loans. Once the users accept the bank’s terms, the amount will be deposited securely and instantly into their bank account. The app is currently being tested in Bangalore and Delhi.