Google rebranded its instant payments app Google Tez into G Pay by introducing new and upgraded features, widening the scope with new tie-ups. Google launched Tez in last September as a payment application, precisely saying, Google’s first digital payment platform for the country! The rebranding does make a feel that it is too early, but yet worthy for a platform like Tez to get integrated with more features within. With this rebranding, Google is allowing its users to make payments to retail stores and conduct online transactions across apps as well as various Google products.
Payments and Next Billion Users Initiative general manager Caesar Sengupta made his statement upon the rebrand as
“In just under a year, Tez has found a place in the lives for more than 22 million people and businesses who use it every month. People from over 300,000 suburban areas, towns and villages are using it to pay their electrician, book bus rides or split dinner bills with friends.”
With G Pay, rich interactions are expected, as the primary aim is to empower a minimum of 15,000 retail stores in India to use Google Pay. Additionally, businesses and merchants can now pay for Google Ads using Google Pay. Along with this, Google also mentioned that there would be partnerships with private banks to facilitate pre-approved loans instantly to Google Pay customers. Now, how cool is that!!
Using the Google Pay app, customers will soon be able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. With this, Google is trying to improve transactions inside the country by setting customized bank loans with minimal paperwork. Once, the bank terms are cleared, the money will be deposited instantly and securely into the corresponding bank account. Google Pay will necessarily work as an intermediary. The pre-approved loans start appearing in the app in the coming weeks.
“In the coming weeks, these customers will be able to use Google Pay to take out a customized loan amount from their banks, with minimal paperwork, and once they accept the bank’s terms, the money is deposited securely and instantly by their bank, into their bank account,” says Ceaser Sengupta.
With this rebranding, Google is expecting that it will be able to get more users hooked to its payment services, leave their wallets and purses at home, and serve up loads of data about what they’re buying. Google Pay would get more transactions with this feature. In addition to that, banks can generate better revenue regarding sales.
Google says it has 22 million monthly active users on Google Pay who have made over 750 million transactions with an average annual transaction of 2 lakh crore. As it expands the scope of Google Pay, the service will soon be available at over 2,000 online merchants and e-commerce websites including Redbus, BookMyShow, Mi, and Goibibo, besides over 15,000 retail stores like Big Bazaar, e-Zone, and FBB.
G Pay -Why rebranding?
Now the question is, why rebranding now? Google launched Tez last September. Not even a year completed, from its launch. The rebranding seems to be a bit early! Why should there be a total rebranding when they can upgrade the app by adding features as usual? Now the answer is “to play a major role in the way people spend money in India.” Google is planning to make an identity in money transactions overall in the country. By rebranding, Google is hoping for new customers so that they can be the most significant transaction means in India. And tie-ups with banks could be boon to this aim. The payments for Google Ads can also be paid through Google Pay which makes merchants and customers more closely to the app rather than the usual.
Even if it is so, the company is not ready to make changes concerning user experience. Thus even if the name changes to Google Pay, the feel of Tez will be retained with the same home screen, contacts, bill payment links, etc.