Google India will now help smartphone users get bank loans

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Google is upping its sport within the race for India’s quick rising digital funds market.

The corporate has partnered with 4 Indian banks to permit customers to get loans through Google Pay, it introduced on Tuesday.

Prospects of these banks who use the Google (GOOGL) cost platform can get “pre-approved prompt loans” and have the cash deposited instantly of their accounts via the app.

The function needs to be rolled out inside the subsequent few weeks, stated Caesar Sengupta, the manager spearheading Google’s push into rising markets.

“We’re working to increase monetary inclusion via Google Pay by making your complete loans course of easier, faster and extra direct,” Sengupta stated at an occasion in New Delhi.

Google’s Indian funds app, launched rather less than a yr in the past as Google Tez, has round 22 million month-to-month lively customers. The corporate is rebranding the app as Google Pay to deliver it below Google’s international digital funds umbrella.

“Over time we’ll deliver many of those options to Google Pay customers in different international locations, simply as we’ll deliver options we have launched elsewhere to India,” Sengupta stated.

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Google’s push to seize extra of India’s digital funds market pits it in opposition to international rivals reminiscent of Fb (FB), which is testing a funds service in India on its messaging platform WhatsApp, and native rivals Paytm and Flipkart.

Market chief Paytm, which already counts heavyweights like China’s Alibaba (BABA) and Japan’s SoftBank (SFTBF) amongst its traders, will quickly get one other high-profile backer.

Berkshire Hathaway (BRKA), the corporate led by famend investor Warren Buffett, is about to take a position as much as $360 million within the Indian funds platform, a supply instructed CNNMoney earlier this week.

CNNMoney (New Delhi) First printed August 28, 2018: 9:13 AM ET

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