Alphabet’s Google is partnering with four Indian banks to expand its financial footprint in India.
Google’s payment app Google Tez in India is being rebranded as Google Pay which will allow Indian customers of the partner banks to get “pre-approved instant loans” and receive the amount in their bank accounts instantly via Google’s platform. Caesar Sengupta, an executive of the company, announced Tuesday that the new service is scheduled to come into operation within the next few weeks.
Google is not alone in its plans to penetrate India’s digital financial/payment market. Earlier this week, Berkshire Hathaway revealed that it wants to invest up to $360 million in Indian digital wallet Paytm. Facebook, on the other hand, is testing a payment services platform for India.