Everything you need to know about Google Pay
Sending and receiving money online has become common practice in India today. Digital wallets are upping their game with unique features and simple user interfaces.
Google Tez was brought in to join the league of digital wallets and manage all payments in India. It later rebranded the Tez app as Google Pay in view of the ever-growing UPI payments market in India. Google Pay has been launched with a host of great features and its expansion plans are all set to transform the payments market in India.
How Unified Payments Interface (UPI) can change the way you do banking
How does Google Pay work?
Google Pay enables money to be sent and received, but unlike other digital wallets, payments can be received directly into a bank account. So all the worry of getting money in the wallet and then transferring it to the bank account goes away.
Interestingly, one does not need to be on the Google Pay app to receive payments. Google Pay also provides the facility to transfer money through its website.
While the primary function of the app is to allow easy money transfer transactions, it also allows users to make payments at stores that accept UPI-based transactions.
The user must do the following:
Link a bank account to Google Pay.
Set UPI PIN.
- Google Pay has many unique features as compared to all other options available in the market. some of them are:
- Transactions are instant
- Money can be sent and received directly to the bank account
- Tez Shield - Multi-layered protection with 24*7 protection against fraud - Facilitates highly secure transactions
- Because money is transferred from a bank account, all transactions, big or small, can be done through the app
- The app is available in eight Indian languages, which makes it more approachable
- The app also offers multiple payment options which means users can transact through their mobile number or even Virtual Payment Address (VPA).
- Scratch cards are another attraction as Google Pay offers attractive cashback and offers on various transactions. This cashback is directly credited to the linked bank account
- The compatibility of the application with all banks is further proof of its security, network-accessibility and quality of service.
Everything you need to know about the Google Pay UPI application
Google Pay vs Other UPI Apps
Google Pay is more optimized and simplifies the entire process of money transfer and payments market in India.
It has introduced Google Pay for Businesses, a special application that allows entrepreneurs to directly connect with customers and offer great deals. Companies whose current accounts are linked with the app can save up to Rs. You can also pay up to Rs. 50,000 free from customers.
Cash Mode is another unique feature of Google Pay. It allows users to transfer money to other Google Pay users without entering bank details or mobile numbers.
Moreover, Google Pay is all set to get a pre-approved loan facility by providing approval to users through the app in a matter of minutes. It aims to facilitate payment at retail stores like Big Bazaar and FBB.
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Google Pay: Secure UPI payment
Transfer UPI to your bank account or pay for mobile recharges, bills and businesses through Google Pay, a simple and secure payment application from Google.
Join millions of Indians who are using Google Pay for all their payment needs. Refer friends, get the latest offers and earn rewards as you pay.
All you have to do is link your bank account with your registered mobile number and start the experience on this application.
UPI ID is a unique ID used to make UPI payments in lieu of bank account details.
UPI PIN is the same as your debit card PIN, which is a 4 or 6 digit number that you need to set while creating your UPI ID. Please do not share your PIN.
+ Multiple levels of protection from your bank and Google
Your hard earned money is kept safe in your bank account and you have control over the money withdrawn from your bank account*. With a world-class security system that helps detect fraud and hacking, we are committed to protecting your money and we work with your bank to secure your payment information.
Every transaction is secured with your UPI PIN and you can secure your account with a device lock method like your fingerprint.
* Google Pay works with all banks in India that support BHIM UPI.
+ Pay with DTH, Broadband, Electricity, FASTag, LPG bills and more
You need to link your biller accounts only once, we remind you to pay your bills in just a few taps. Google Pay works with billers across the country.
+ Find latest prepaid recharge plans and recharge your mobile plans easily
Recharge any prepaid mobile in less steps and at zero cost. Find best and latest recharge plans as well as repeat recharge in one go.
+ Check your bank account balance
No need to visit ATM to check your bank balance, just check it easily, anytime.
+ get reward
Refer friends, get offers and cash rewards in your bank account while paying.
+ QR code payment
Pay through QR Code Scanner at your favorite offline stores and merchants.
Book flights, bus, train tickets, shop online & order food
Order your favorite food and easily book your trip in-app or on partner websites and apps. Partners include Zomato, RedBus, MakeMyTrip and more.
+ Fast and secure payments with your debit and credit cards
Add and link your debit and credit cards** with Google Pay and use:
- Online payments (with mobile recharge or online apps like Myntra).
- Offline payments (at offline stores by tapping your phone at NFC terminals)
** The service is being rolled out between bank issuers and card network providers.
+ Buy, sell and earn 24K gold
Trade gold safely with rates backed by MMTC-PAMP. Gold is safely stored in your Gold Locker on Google Pay or delivered to your home in the form of gold coins. New! Now you can earn gold as Google Pay Reward.
+ Transfer money directly from your bank account to any bank account with UPI Transfer, including accounts that aren't on Google Pay
Using NPCI (National Payments Corporation of India) BHIM Unified Payments Interface (BHIM UPI), money transfer with Google Pay is easy and secure.
+ give loan
- Payment term: 3-48 months
- Maximum Annual Percentage Rate (APR): 34%
- Processing Fee: 1.5-2.5% of the loan amount
Example: Loan amount INR 100000, Tenure: 12 months, Processing fee 2%, Interest 15%. Processing fee is deducted from the loan amount and disbursed: Loan amount is INR 100000, Processing fee is 2%, INR 2000. The actual loan is INR 98000, the interest (15%) for 12 months is INR 8310. User pays US 08 810.