Google Pay, a leading online payment service provider, has introduced a range of credit-focused products for both consumers and merchants in India through collaborations with banks and non-banking financial companies (NBFCs). The objective is to strengthen their financial services offerings and address the credit gap in the Indian market. These initiatives were unveiled during Google’s annual Google for India event in New Delhi.
Google Pay Expands Credit Services for Merchants and Consumers in India
These credit products are offered through Google Pay’s platform and are underwritten by financial institutions authorized by regulators. This move follows Google Pay’s partnership with Indifi, a lending platform focused on small businesses, which facilitated lending opportunities through the app based on payment data provided by Google Pay.
Google Pay is now providing credit options for merchants in partnership with ePayLater, primarily catering to their working capital requirements. Additionally, they are collaborating with DMI Finance to offer sachet loans starting as low as Rs 15,000 with affordable EMIs starting at Rs 111.
Google Pay Expands Financial Partnerships for Convenient Digital Lending in India
Furthermore, Google Pay is expanding its collaboration with payment service providers HDFC and ICICI Bank, enabling users to access credit lines from these banks via UPI and utilize them for payments within Google Pay, similar to UPI transactions. The platform also offers personal loans through partnerships with DMI Finance and Axis Bank.
Google Pay has plans to onboard more partners to further enhance its financial services offerings. This move aligns with a broader trend in India, where fintech startups, including high-value companies like PhonePe and Jar, are entering the digital lending space due to the significant credit demand in the Indian market.
Google Pay’s collaboration with financial institutions aims to make financial transactions more convenient and accessible to a broader customer base, offering a seamless user experience. This initiative reflects the growing trend of digital lending in India’s financial landscape.
