Google has finally revealed its plan to give out loans to so many merchants in India through its Google Pay app. Google also disclosed that the loans give out will be starting this year.
As the American technology group is trying their very best to assist the country’s little business. Just to overcome the pandemic and as well finding a model business for its mobile payment services.
The company also mentioned that they are working with banks to grant loans to so many merchants residing in India. Just by accessing the Google Pay app.
Google said that the Google Pay app which was launched later last year already has 3 million merchants using the app. He is also putting efforts to spread its wide initiatives for both small and micro-businesses in India.
The company also mentioned that the “Google My Business app” which he launched in India during the second half of 2017. Was to assist the stores of mom and pop as well as other small merchants to build an online presence.
The app has been accessed by over 26 million businesses in the country to list themselves on Google search and Maps. As of now, the country, India, has about 60 million small and even micro-sized businesses in the nation following the government estimates.
According to the company executives
He said that they manage more than 150 million direct connections between the companies and their customers to every month. Not excluding: online reservations, calls, and management requests.
New Delhi ordered a total lockdown in late March in an attempt to contain the spread of the coronavirus. And this movie made so many businesses to suspend and postpone their operations. In some weeks now, the government of India has reduced and brought down some of the restrictions they enforced. Which now made a lot of stores resume back their business activities.
Google launched the “Spot” feature last year in India. This feature enables businesses to easily create their own branded commercial fronts. Which are accessible to customers just by using the Google Pay app.
Also, in May, Google introduced close by stores as a Spot feature on the Google Play app. Which made it very easy for local businesses to choose a part of the country that will be discovered by customers in their area. The company said he will be expanding the offering in India.
The Announcement on Thursday also disclosed Google grip on Small Businesses in India.
And how its scale, as well as its resources, could pose further challenges for plenty of local startups. Which are already making arrangements to serve businesses.
New Delhi-based BharatPe, together with SoftBank backed Paytm, and Walmart’s PhonePe, has, in recent years accepted and welcomed millions of merchants. As well as offering them a range of services including loans.
Paytm, (which works with more than 16 million merchants) launched a series of gadgets at the beginning of this year. Including a device that displays the QR check-out codes which comes along with a USB charger.
As well as a calculator. And also a jukebox that provides confirmations voice of transactions and services so as to streamline inventory management for merchants.
Google’s rapidly growing interest for some players simply means that they will face off the search giants on two fronts. There was a report earlier this month that the Google Pay app had about 75 million people making use of the application in India.
Which is far more than any of its competitors. But even with the scale. The Google Pay app and so many other payment services in India still find it very difficult to get a business model for their services.
Google’s global rival, Facebook, has more than 1 million merchants in India making use of the WhatsApp app. WhatsApp is the most popular app in India and the app is used by millions of merchants in the country.