Google India, on Thursday, introduced ‘sachet loans’ in its Google Pay app to assist small businesses across the country.
The company will extend loans of up to Rs 15,000 to small businesses, offering the flexibility of manageable repayment in smaller installments, as low as Rs 111. Google India has collaborated with DMI Finance to deliver these loan services.
Google Pay, in collaboration with ePayLater, has introduced a merchant credit line, addressing the working capital needs of businesses. This credit line can be utilized by merchants across both online and offline platforms to procure their inventory and essential supplies.
Google India has introduced credit lines on UPI through a partnership with ICICI Bank. Additionally, Google India has broadened its range of personal loans available on Google Pay by teaming up with Axis Bank.
Furthermore, Ambarish Kenghe, Vice-President at Google Pay, revealed that a total of Rs 167 lakh crore in value was transacted through UPI within the past year. “ With half of the loans disbursed through Google Pay to borrowers with less than ₹30,000 of monthly income, a vast majority of which belong to tier 2 towns and beyond.” Kenghe added.
Google India unveiled additional initiatives aimed at supporting small businesses in India. The tech powerhouse disclosed that, leveraging AI, “Google Merchant Center Next will autonomously populate a merchant’s product feed by extracting information from their website.” Furthermore, Google Merchant Center Next will grant merchants complete authority over the content included in their feed.
