Google India will now help smartphone users get bank loans

Google is upping its game in the race for India’s growing digital payments market.

The company has partnered with four Indian banks to allow users to get loans through Google Pay, it announced on Tuesday.

Customers of these banks who use the google (GOOGL) the payment platform can get “pre-approved instant loans” and have the money deposited immediately into their accounts through the app.

The feature is expected to roll out in the coming weeks, said Caesar Sengupta, the executive leading Google’s push into emerging markets.

“We are working to expand financial inclusion through Google Pay by making the whole lending process simpler, faster and more direct,” Sengupta said at an event in New Delhi.

Google’s Indian payment app, launched just under a year ago as Google Tez, has around 22 million monthly active users. The company is rebranding the app as Google Pay to bring it under Google’s global digital payments umbrella.

“Over time, we will bring many of these features to Google Pay users in other countries, just as we will bring features we’ve launched elsewhere in India,” Sengupta said.

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Google’s push to grab a bigger share of India’s digital payments market pits it against global rivals such as Facebook (Facebook)which is testing a payment service in India on its messaging platform WhatsApp, and local rivals Paytm and Flipkart.

Market leader Paytm, which already has heavyweights like China Ali Baba (BABA) and that of Japan Soft Bank (SFTBF) among its investors, will soon receive another leading funder.

Berkshire Hathaway (BRKA)the company, led by famed investor Warren Buffett, is expected to invest up to $360 million in the Indian payments platform, a source told CNNMoney earlier this week.

CNN Money (New Delhi) First published August 28, 2018: 9:13 a.m. ET

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