Tech giant Google is foraying into the digital lending space, which is set to become a $1-trillion opportunity in the next five years, according to sources. Its digital payments app GPay is forming partnerships with fintech firms and has already onboarded ZestMoney to offer credit to consumers, signaling a larger interest to tap the financial services market in the country.
Bengaluru-based ZestMoney is now integrated on GPay’s digital store’s Spot platform to offer credit to customers. This feature will allow customers to avail credit with ZestMoney from GPay.
According to a Business Standard report, Google is looking to add other loan providers to the Spot platform with ZestMoney already live. Sources told the publication that ZestMoney has reportedly received several thousands of applications already. Users can register themselves on Google Pay, complete KYC norms, and check their eligibility for a credit limit without having to go through the ZestMoney website or app. The feature is available on Android, whereas the iOS version will be launched in the coming months, according to the sources.
The fintech startup will allow the customers to avail credit up to their eligible limit that can be used across 3,000-odd online and offline merchants including Mi, MakeMyTrip, Curefit, Myntra, Amazon, and Flipkart.
Last September, Google had rolled out the Spot feature to allow businesses to set up virtual stores on the platform. It helped merchants across different categories, ranging from retail to financial services, create experiences for consumers on the digital payments platform.