Google Pay – Launched almost a year ago by Google to cater to India’s digital payment market, Google Tez as we used to know it is undergoing a major rebranding effort by the company. In a bid to reach out to a larger audience in Asia, Google has decided to change its payment app Tez’s name to Google Pay, the company announced in a statement released.
Refurbishing the app as Google Pay sees it being brought in line and merged with Google’s already existing Google payment service which exists in more than 20 countries. And it’s not just a change of name that Google is bringing. The mega giant company released a list of new features which will not only make the payment process faster and easier but also support payment for more services and companies.
The app was rolled out in 2017 keeping in mind the digital revolution taking place in India when it came to making payments. With the number of people who engaged in transferring and paying money online increasing day by day, given the smoothness and flexibility it provided, Google did not take much to get involved in the act. Engaging users with its user friendly app that provided a simple to use interface and catered to more than 2000 day to day use websites and apps, Google Tez was quick to expand its subscribers in the country.
The Tez app has pulled in 55 million downloads, and racked up 750 million transactions with an annual run rate of over $30 billion. With these mindboggling numbers registered in just over a year, the company has decided to dedicate its efforts into developing the app and its features and uses further, Google said.
The company succeed in its efforts to make Tez a major player in the Indian payment market by integrating new, better and more enhanced features regularly. The service that started out in bank-based payments added bill and utility payments along with messaging and a lucrative offer of a scratch card on every payment exceeding Rs.200. And now Google is planning an extended push into retail, both online and offline to garner in bigger audience to Pay. It is in the process of adding in-store payment support with a range of retail brands that will include Big Bazaar, e-Zone, and FBB.
The company has also planned to integrate the app with partners such as Uber and ticketing service BookMyshow.
One of the biggest and most unique introductions to the app is its expansion to cover micro-loans. Google said it has partnered with a number of India-based banks including HDFC Bank, ICICI Ban, and Kotak Mahindra Bank to offer “pre-approved” loans to customers “in a matter of seconds” through the Google app. This new service gives the app an edge over its direct rivals Paytm and Amazon Pay and could well turn out to be the cutting edge difference in Google’s efforts to win the race between the major players through Google Pay.