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Google May Steal Amazon, Flipkart’s Diwali Bonus; Set for E-commerce Debut

Google may steal Amazon, Flipkart's Diwali bonus; set for e-commerce debut on Business Standard. The company is also going to offer consumers instant loans on its platforms and has partnered four banks<br>

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Google May Steal Amazon, Flipkart’s Diwali Bonus; Set for E-commerce Debut

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

  2. The company is also going to offer consumers instant loans on its platforms and has partnered four banks Companies news : 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. Google Pay 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. “We have learned that when we build for India, we build for the world,” Caesar Sengupta, general manager of payments and vice- president of Google’s Next Billion Users initiative, said atthe ‘Google for India’ event in New Delhi on Tuesday. While the company has kept its e-commerce plans under wraps, this is being touted as the first move to enter the segment. “The company has 1.2 million merchants. It is partnering online cab aggregators, travel companies and ticketing firms, as well as expanding its tie-ups with brick- and-mortar retailers. It is all pointing towards creating an ecosystem which Amazon or even Flipkart has. The next step will be getting into the online marketplace,” said a source close to the company. >>>KEEP READING: BS<<<

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