New Delhi: Google on Tuesday announced its decision to re-launch its payments app Google Tez as Google Pay. The announcement was made at the 2018 edition of Google for India event which took place in New Delhi.  The new app Google Pay is said to come with improved features including pre-approved loans.

Following are some of the features that you can avail using Google Pay:

1. The pre-approved loans will be provided by Google Pay with the help of banks including HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank.
2. Customers who avail the service of pre-approved loans will have to accept and abide by the terms and conditions set by the bank, after which money will be deposited in their respective bank account.

3. Secure transactions can be made over two thousand apps and sites such as Goibibo, FreshMenu and redBus through Google Pay.

4. As per the expansion plans of Google, the payment facility will be available in all the branded stores. Moreover, by the end of the year, Google plans to make the payment facility available in retail stores like Big Bazaar and FBB.

“All things you love will remain same,” said Caesar Sengupta, Vice President of Product Management at Google, and the Next Billion Users initiative by the company. Caesar stated in his blog that the Google Pay will be helpful to nearly 1.2 million Indian business. At the annual event he said, “Building for India has often meant Google building for everyone all around the world.”

According to Credit Suisse Group AG, the payments market is likely to expand from $200 billion to $1 trillion in the next five years.

Google Tez was launched in 2017 with nearly 22 million users active on a monthly basis.