Google announced earlier today at its annual event in ‘Google for India’ that its online payment app Google Tez will be rebranded as Google Pay. This move comes as the digital payment space in India is witnessing explosive growth and a number of companies are competing to gain much of the market share.

Google Pay has also introduced a number of features and has also increased tie-up with many private sector banks. One of its new features will allow its users to obtain loans from HDFC Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank.

Google’s General Manager said, “In the upcoming weeks, the customers will be able to use Google Pay to take out customized loans amount from their bank, with minimal paperwork. Once the customer accepts the bank’s terms, the money will be securely and instantly deposited from the bank, into the user’s account.”

Google Tez, which was introduced a year earlier is said to have 22 million active users per month who have made over 750 million transactions worth over $30 Billion. Google Tez is based on a system developed by National Payment Corporation of India allows users to link the bank account and make digital payment via Unified Payment Interface (UPI).

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