Google's new offering intends to help small merchants in the need of loans
Google India is going to offer sachet loans on the Google Pay app to support local small companies. Google has said that Indian businesses frequently require smaller loans, and the scheme intends to help those firms. The tech giant has introduced 'sachet loans' through the Gpay application.
Google India noted that the company will offer loans to small enterprises for as little as Rs 15,000 that can be repaid in easier installments as low as Rs 111. Google and DMI Finance have teamed to offer the loan services according to report by Mint.
In collaboration with ePayLater, Google Pay also made it possible for businesses to access a credit line, which helps them with their need for working capital. It can be used by merchants to purchase their inventory and supplies from both online and offline wholesalers.
In partnership with ICICI Bank, Google India introduced credit lines on UPI. By collaborating with Axis Bank, Google India also increased the selection of personal loans available through Google Pay.
Ambarish Kenghe, vice president of Google Pay, also disclosed that, in the previous 12 months, UPI transactions of Rs 167 lakh crore were executed.
According to Kenghe, "...with half of the loans disbursed through Google Pay to borrowers with less than Rs 30,000 of monthly income, a vast majority of which belong to tier 2 towns and beyond".
Sanjay Gupta, Vice President and Country Head of the company, stated during the 9th Google for India that they intend to increase efforts in artificial intelligence safety.
The business made a number of announcements at the ninth Google for India event, including its intention to begin producing its Pixel devices locally with the Pixel 8.