Google Pay Sachet Loans
Google India announced the debut of sachet loans on the Google Pay, citing the frequent demand for smaller loans among Indian businesses.
According to Google India, the company would offer loans to small enterprises starting at just ₹15,000, which may be repaid in easier installments as low as ₹111. Tech giant will offer the loan services in collaboration with DMI Finance.
Along with ePayLater, Google Pay enabled a credit line for retailers, assisting them in meeting their working capital needs. It can be used by retailers to purchase their supplies and inventory from any online or physical distributor.
Google India and ICICI Bank jointly established credit lines on UPI. By collaborating with Axis Bank, Google India also increased the range of personal loans available on Google Pay.
Additionally, Ambarish Kenghe, vice-president of Google Pay, disclosed that during the previous 12 months, ₹167 lakh crore worth of transactions were made through UPI.
Kenghe stated that “…with half of the loans disbursed through Google Pay to borrowers with less than ₹30,000 of monthly income, a vast majority of which belong to tier 2 towns and beyond” .
Google’s Multi-Faceted Commitment to India’s Digital Growth
Sanjay Gupta, vice president and country head of the company, announced during the 9th Google for India that they intend to step up efforts in artificial intelligence safety.
Among the several announcements the firm made at the ninth Google for India event was that it would begin producing Pixel smartphones in the country, beginning with the Pixel 8.
Additional initiatives for Indian small enterprises were also revealed by Google India. According to the dominant search engine, Google Merchant Center Next will automatically populate a merchant’s product feed with information detected from their website” thanks to artificial intelligence. Furthermore, businesses will have complete control over what appears in their feed thanks to the Google Merchant Center Next.
Google India said that it has stepped up efforts to shield people against financial scams and fraud, which are always changing, using DigiKavach. 3,500 predatory lending apps were blocked by Google Pay, which also stopped scams totaling ₹12,000 crore on GPay.
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The company added that it will soon make vital information regarding more than 100 government projects available to its billions of Indian users.
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