Internet major Google on Friday mentioned it firmly sees itself as a partner to the present financial ecosystem in India and that situations of partnerships being described as Google Pay’s choices gas misinterpretation. While the corporate didn’t elaborate of any particular situations, the most recent assertion comes in opposition to the backdrop of studies that instructed Google Pay has launched mounted deposit choices in partnership with a financial institution.
The firm emphasised that in each geography the place Google Pay is current, its stance is constantly one among partnering with the present financial providers and banking techniques to assist scale and allow frictionless supply of financial services and products and contribute to the purpose of financial inclusion.
In a blogpost, Google India mentioned there have been a number of situations the place these choices have been reported as ‘Google Pay’s choices’ which “fuels misinterpretation”.
“To be clear, we have always looked at our role firmly as a partner to the existing financial ecosystem that brings unique skill sets and offerings to drive further adoption of digital payments in the country,” it mentioned.
According to Google, a number of of its choices are constructed on prime of NPCI’s pioneering UPI cost community and infrastructure, “which has grown over 190X in the last 4 years, to processing over INR 6 trillion in value today”.
Furthering that goal, in 2019, “we had announced the launch of the Spot Platform on Google Pay, a surface for merchants of all types — offline or digital native, small or large, across use cases – to find payment-ready users,” it famous.
The web main additionally famous that its spot platform works as a further discovery channel for a lot of companies to construct and supply new experiences to customers to drive adoption of their providers.
The use instances span throughout ticket buy, meals ordering, paying for important providers like utility payments, purchasing and getting entry to numerous financial merchandise.
Providing an in depth clarification, Google mentioned that many of those Spot experiences particularly within the financial merchandise/ service classes — be it insurance coverage, wealth administration, credit score or different financial providers — are regulated industries and every service provider is required to be duly authorised to present these providers earlier than they’re onboarded onto the platform.
“Today we have close to 400 merchant spots on Google Pay, and in this journey, we have seen that financial product offerings perform especially well, with offerings from spot experiences delivered by financial services players like CashE, Groww, 5paisa, Zest Money etc. seeing significant growth and engagement from users on Google Pay,” the blogpost mentioned.
Also, the corporate famous that this engagement underscores that funds platforms are an awesome floor to ship financial providers to customers throughout the nation.
“As Google Pay, our role is firmly circumscribed to providing these merchants a surface where Google Pay users can discover and gain from these offerings — be it credit products, insurance or any others… We are committed to play our role by using technology as a means to level social inequalities and contribute to this vision operating within the purview of India’s legal and regulatory frameworks,” it said.
Earlier this week, Google Pay’s partnership with Equitas SFB was introduced beneath which customers can e-book mounted deposits totally digitally, without having to open a financial savings account with the lender by its ‘spot’ built-in with the Google Pay platform.
https://timesofindia.indiatimes.com/business/india-business/google-says-firmly-sees-itself-as-partner-to-indias-financial-ecosystem/articleshow/85898929.cms
