Google announced Thursday that it plans to offer lending to millions of merchants in India through its Google Pay app, which will begin later this year as the US technology group hopes to help small businesses in the country cope with the pandemic, as well as find a business model for its mobile phone . payment service.
The company said it was working with financial institutions to offer loans to merchants from the Google Pay for Business application. Google Pay business application that Android The giant, launched late last year, has already gathered 3 million merchants.
Today, Google’s announcement has become part of his efforts to spread broader initiatives for small and micro businesses in India. The company said that Google My Business, an application launched in India in the second half of 2017 to help moms and pop shops, as well as other small merchants in creating an online presence, was used by more than 26 million companies in the country to make themselves known on Google Search and Maps. According to government estimates, there are about 60 million small and small enterprises in India.
“Every month we carry out more than 150 million direct contacts between these companies and customers, including calls, online reservations and referral requests,” the statement said.
In late March, New Delhi ordered closure nationwide to control the spread of Covid-19. This step forced most enterprises to suspend their activities. In recent weeks, the Indian government has decided to relax some of its restrictions, and many stores have resumed operations.
Google launched last year Spot Feature in India This allows companies to easily create their own branded trading interfaces, which will be available to customers through the Google Pay application.
In May, Google introduced the “Nearby Stores as Spot” feature in the Google Pay app, which allowed local businesses in a selected part of the country to be detected by customers in the neighborhood. The company said it is expanding this offer throughout India, starting today.
Thursday’s announcement also talks about Google’s impact on small businesses in India and how its scale and resources can create additional problems for dozens of startups that are already trying to service businesses.
Paytm who works with over 16 million merchants, earlier this year launched a number of gadgetsIncluding a device that displays QR extraction codes, which comes with a calculator and a USB charger, a jukebox that provides voice confirmation of transactions and services to optimize inventory management for sellers.
For some of these players, Google’s growing interest in targeting sellers means they will face the search giant on two fronts. Earlier this month, TechCrunch announced that Google Pay 75 million transactional users in Indiamore than any of its competitors. But Google Pay and most other payment services in India struggling to find a business model for their services.
Facebook, Google’s global competitor, has gathered over 1 million sellers in India in its WhatsApp business app. Whatsapp which is the most popular app in india, unofficially used by countless additional traders in the country.