Google may steal Amazon, Flipkart's Diwali bonus; set for e-commerce debut

The company is also going to offer consumers instant loans on its platforms and has partnered four banks

It’s official. Google will make its debut in India’s e-commerce and retail ecosystem this Diwali via its payments platform, Tez, rechristened Google Pay .

From tying up with more than 2,000 e-commerce companies, including big names such as cab aggregator Uber and movie ticketing platform BookMyShow, to adding about 1.2 million offline merchants, including the likes of Big Bazaar, Google is on a hyperdrive to create an ecosystem where everything will hinge on the payments app. The company is also going to offer consumers instant loans on its platforms and has partnered four banks — HDFC, ICICI, Kotak Mahindra and Federal Bank.

According to Google, a pre-approved loan limit for individuals, based on their bank account and Tez transaction history, will be set. The app’s users will get the money deposited directly into their bank accounts.

The technology giant rebranded its made-in-India Tez app, launched in September last year, as Google Pay, with an eye on expanding the platform to other markets. Read More