Google India is venturing into the retail loan sector through Google Pay, offering “sachet loans” to support local small businesses. These smaller loans are designed to assist Indian businesses that often require more modest financing. Google India, in partnership with DMI Finance, has introduced these sachet loans via the Google Pay app. The loans will be available for amounts as low as Rs 15,000 and can be repaid in convenient installments, some as low as Rs 111.
In addition to sachet loans, Google Pay has collaborated with ePayLater to provide businesses with access to a credit line, aiding their working capital needs. This credit line enables merchants to procure inventory and supplies from both online and offline wholesalers.
Furthermore, Google India has expanded its offerings by partnering with ICICI Bank to introduce credit lines on the Unified Payments Interface (UPI). The company has also broadened the range of personal loans available through Google Pay in collaboration with Axis Bank.
Ambarish Kenghe, Vice President of Google Pay, highlighted the significant role Google Pay has played in facilitating UPI transactions in the past year, totaling Rs 167 lakh crore. Kenghe emphasized that a substantial portion of the loans disbursed through Google Pay have gone to borrowers with monthly incomes of less than Rs 30,000, with many hailing from tier 2 towns and beyond.
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During the 9th Google for India event, Sanjay Gupta, Vice President and Country Head, expressed the company’s commitment to enhancing artificial intelligence safety. Additionally, Google announced plans to begin local production of its Pixel devices, including the Pixel 8.
