Google says it firmly sees itself as a partner in India’s financial ecosystem, Telecom News, ET Telecom

Internet giant Google said on Friday that it firmly sees itself as a partner in India’s existing financial ecosystem and that examples of partnerships portrayed as Google Pay offerings are fueling misinterpretation. While the company has not developed any specific cases, the latest claim comes against the backdrop of reports suggesting that Google Pay has launched fixed deposit offerings in partnership with a bank.

The company emphasized that in all geographies where Google Pay has a presence, its position is still to partner with existing financial services and banking systems to help evolve and enable frictionless delivery of financial products and services and contribute to the objective of financial inclusion.

In a blog post, Google India said there have been a few instances where these offers have been flagged as “Google Pay offers” which “feeds a misinterpretation”.

“To be clear, we have always viewed our role firmly as a partner in the existing financial ecosystem that brings unique skills and offerings to drive the adoption of digital payments in the country,” he said.

According to Google, many of its offerings are built on NPCI’s pioneering UPI network and payment infrastructure, “which has grown 190 times over the past 4 years, to process over INR 6 trillion in value today. ‘hui “.

Pursuing this goal, in 2019, “we announced the launch of the Spot platform on Google Pay, a surface for merchants of all types – offline or digital natives, small or large, in all use cases – to find users willing to pay, “he noted.

The Internet major also noted that its spot platform works as an additional discovery channel for many companies to create and deliver new experiences to users to drive adoption of their services.

Use cases cover purchasing tickets, ordering food, paying for essential services such as utility bills, shopping, and accessing various financial products.

Providing a detailed explanation, Google said that many of these Spot experiences, especially in financial product / service categories – whether insurance, wealth management, credit or other services financial – are regulated sectors and every trader must be duly authorized to provide these services before they are integrated into the platform.

“Today, we have nearly 400 merchant locations on Google Pay, and over the course of this journey, we’ve seen that financial product offerings work particularly well, with one-off experience offerings provided by service providers. Financials like CashE, Groww, 5paisa, Zest Money, etc. see significant growth and user engagement on Google Pay, ”the blog said.

In addition, the company noted that this commitment highlights that payment platforms are an excellent surface for providing financial services to users across the country.

“As Google Pay, our role is firmly limited to providing these merchants with a surface where Google Pay users can discover and take advantage of these offers – whether they are credit, insurance or other products. … We are committed to playing our part in using technology as a means of leveling social inequalities and contributing to this vision operating within India’s legal and regulatory frameworks, ”he said.

Earlier this week, Google Pay’s partnership with Equitas SFB was announced whereby consumers can book term deposits fully digital, without the need to open a savings account with the lender through its built-in ‘spot’ to the Google Pay platform.

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