Payment app Tez renamed to Google Pay, new features added

New Delhi, Aug 28: Google's payment app Tez has been renamed to Google Pay. Not only has the name of the payment app been changed, Google has introduced new features into it.

At its annual event Google for India, the tech giant announced its partnership with private banks to facilitate pre-approved loans instantly to Google Pay customers.

Using the Google Pay app, customers will soon be able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank.

"In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks with minimal paperwork, and once they accept the bank's terms, the money will be deposited securely and instantly into their bank accounts," said Google's general manager (payments) Caesar Sengupta.

Google said it is increasing the number of places users can transact with Google Pay, including apps, websites as well as branded retail stores. Some of the top destinations that accept Google Pay are Goibibo, FreshMenu and RedBus. The company said it will be soon support BookMyShow as well.

Google says it has 22 million monthly active users on Google Pay who have made over 750 million transactions with average annual transaction of 2 lakh crore.

Tez was launched in India last September as Google's first digital payment platform for the country.