Payments application Tez, launched in September in India, is being rebranded as Google Pay. Google’s parent company has a tieup with the Federal Bank, HDFC Bank, ICICI Bank and Kotak Mahindra Bank and said it is expanding with contracts adding online merchants and brick-and-mortar shops in the world’s second most populated nation.
The mobile service is introducing instant consumer loans after operating with money transfers, Google Llc said in a statement.
Tez, which means fast in Hindi language, has 22 million monthly active users and processes transactions at an annualized rate of $30 billion, according to the company. It expressed confidence in KaiOS, a simplified mobile operating system, for activities in Africa and Southeast Asia.