How Google plans to leverage the use of personal loans to grow its India business: Ambarish Kenghe, VP, Google Pay, explains

In this podcast, businessline’s Nabodita Ganguly is joined by Ambarish Kenghe, the Vice President of Google Pay, to shed light on the platform's mission and key initiatives for India. The conversation revolved around Google for India's annual flagship event and the company's vision for India's digital journey. 

Kenghe begins by explaining the significance of the Google for India event, emphasising its role in showcasing Google's contributions to India's digital infrastructure. He delves into the central theme of Google Pay's efforts to facilitate credit access in India. 

The interview features several major announcements: 

Simplifying credit usage: Google Pay is working to streamline the utilisation of credit. It will enable the use of RuPay cards and credit lines on UPI, offering users more straightforward options for credit access. 

Personal loans with Axis Bank: Google Pay is partnering with Access Bank, a well-known Indian bank, to expand the reach of personal loans, making them more accessible to users. 

Enhancing merchant loans: Collaborating with ICICI Bank, Google Pay aims to enhance merchant loans, making repeat loans more seamless. This move is expected to benefit businesses significantly. 

Introduction of sachet loans: Google Pay will introduce sachet loans," which offer small loan amounts, enabling merchants to manage smaller repayment amounts effectively. 

Merchant credit lines with ePayLater: In collaboration with "ePayLater," Google Pay will offer credit lines for merchants. These credit lines can be used with select suppliers and distributors, making it easier for merchants to access supplies. 

Kenghe also touches on Google Pay's collaboration with the Reserve Bank of India (RBI) and other industry players to ensure adherence to guidelines and regulations. 

In terms of fraud prevention, Google Pay employs advanced machine learning techniques to detect and prevent fraudulent activities, including warnings and velocity checks, according to Kenghe.   

Regarding challenges in reaching those without internet access, especially in conflict zones, Kenghe acknowledges the complexity of the problem and expresses Google's commitment to finding solutions.  

While he refrains from commenting on the recent penalisation of Google by the Competition Commission of India (CCI) for alleged market dominance abuse, Kenghe highlights the complexity of the matter. 

In conclusion, Kenghe expresses his excitement for the transformative power of digital payments in India and the substantial growth expected in the sector. He believes that India's digital journey has only just begun and will continue to shape the country's economic landscape. 

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