Google India on Thursday announced package loans for the Google Pay application to help small businesses in the country. Google India said that merchants in India often need smaller loans, which is why the tech giant has introduced sachet loans through the Gpay application. The company will provide loans to small businesses on favorable terms ₹15,000 which can be repaid in easier repayment amounts ₹111, Google India added. The tech giant has partnered with DMI Finance to provide the lending services.
Google Pay, in collaboration with ePayLater, also enabled a merchant credit line to meet merchants’ working capital needs. Merchants can use it from all online and offline retailers to purchase their inventory and supplies.
Google India has launched credit lines on UPI in collaboration with ICICI Bank. Google India has also expanded its personal loan portfolio on Google Pay through its partnership with Axis Bank.
Also Read: Google to make Pixel phones in India
Additionally, Google Pay Vice President Ambarish Kenghe shared this ₹In the last 12 months, a value of Rs 167 lakh crore was processed through UPI.
According to Kenghe, “…half of loans through Google Pay are disbursed to borrowers with less than… ₹30,000 of monthly income, the vast majority of which falls on tier 2 cities and beyond.”
During Google’s 9th India edition, Sanjay Gupta, vice president and country head of the company, said that it wants to improve its artificial intelligence security efforts.
Also Read: Google for India 2023 event: Search Generative AI improves shopping and empowers small businesses
The company made a series of announcements at the ninth edition of the Google for India event and also announced its intention to begin local production of its Pixel smartphones, starting with Pixel 8.
Google India also announced further measures for small businesses in India. The search giant said Google Merchant Center Next will use AI to “automatically populate a merchant’s product feed with information recognized by their website.” Additionally, Google Merchant Center Next allows merchants full control over what is added to their feed.
With DigiKavach, Google India says it has strengthened its efforts to protect people from ever-evolving financial scams and scams. Google Pay prevented value fraud ₹12,000 crore on GPay and took steps to block 3,500 predatory lending apps.
The company also said it will soon help its billion users in India access important information about over 100 government programs.
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