Google India on Friday asserted that it sees itself as a partner to the existing financial ecosystem in the country. The internet giants referred to instances of reports misinterpreting its role. The company’s latest statement imposing its specific ideology comes after reports suggesting its money transfer application, Google Pay launching fixed deposit offerings in partnership with a bank surfaced.
Google calls itself a partner to India’s financial ecosystem
Emphasising the company’s existing policy, Google said that Google Pay partners with the existing financial services and banking systems in all places it is available. According to the firm, Google Pay helps scale and enable frictionless delivery of financial products and services while contributing to the particular geography’s financial goals. Google, in its blogpost, stated that there have been a few instances where such offerings have been reported as ‘Google Pay’s offerings’ 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,” Google said. According to the company, several of its offerings are built on top of NPCI’s pioneering UPI payment network and infrastructure. Google further noted that the UPI system has grown over 190 times in the last 4 years, and is currently valued at over 6 trillion.
Asserting that the company has always helped the existing system, Google said that the company introduced the Spot Platform on Google Pay in 2019. The spot was a surface for “merchants of all types to find payment-ready users,” it noted. The internet major also noted that its spot platform works as an additional discovery channel for many businesses and includes services spanning ticket purchase, food ordering, paying for essential services like shopping, utility bills and getting access to several financial products.
Further stressing its utility, Google said that many of these Spot experiences are regulated industries and each undergoes a proper authorisation process. “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 Google blog post said.
Google Pay fixed deposits
The elaborated Google blog post explaining the company’s policies in the financial backdrop comes after Google Pay’s partnership with Equitas SFB was announced last week. Under the partnership, consumers will be allowed to book fixed deposits fully digitally. The user will not need to open a savings account with the lender and can complete the process online through its ‘spot’ integrated with the Google Pay platform.