Google Pay introduces sachet loans for small businesses in India
Google India has announced sachet loans on the Google Pay app, designed to support small businesses across the nation. Recognizing that many Indian merchants need smaller loans, Google India now offers loans as low as Rs. 15,000 on its GPay platform. With repayment amounts starting at just Rs. 111, this initiative makes it easier for merchants to access financial assistance.
Google Pay partners with DMI Finance to provide sachet loans
Empowering merchants with credit lines
Google Pay has partnered with ePayLater to offer credit lines to merchants for their working capital needs. This collaboration enables merchants to use the credit line to purchase supplies from both online and offline distributors. Additionally, Google Pay has collaborated with Axis Bank for individual loans and joined forces with ICICI Bank to provide credit lines to merchants via the UPI platform. The company has also expanded its services by partnering with HDFC Bank to support the Rupay card network.
UPI transactions processed through Google Pay
Ambarish Kenghe, Vice President at Google Pay, at the 9th edition of Google for India, shared that Rs. 167 lakh crore worth of transactions were processed through the Unified Payments Interface (UPI) in the past year. Google Pay stands as the second most popular app for transactions on the UPI network in India. The app facilitates nearly four billion transactions every month. It plays a crucial role in enabling digital payments and financial transactions for users throughout India.
