Google Pay users in India can now request and receive a personal loan to their bank account through the payment service app.
Eligible pre-qualified users will be offered the service in Google Pay and can apply for a loan worth a total of Rs. at 36 months. month.
Google Pay rolls out lending service in partnership with India-based digital finance provider DMI Finance with the aim of bringing “transparent and seamless credit” to Google Pay users.
“This product leverages the dual benefits of Google Pay’s customer experience and DMI’s digital loan disbursement process and will also help attract new credit users,” says DMI.
“Eligible users are pre-selected according to criteria defined by DMI Finance and the product offer is made available to them via Google Pay.
“These users will have their request processed in near real time with access to money from their bank accounts.”
Google Pay started allowing users in India to share their transaction data for personalized offers and rewards in March 2021 and to access personalized information about their spending habits in January 2021.