Google says it sees itself as partner to India’s financial ecosystem
- ByAyushi Ray | September 4, 2021
Google says it sees itself as partner to India’s financial ecosystem. While the company did not elaborate on any specific instances, the latest assertion comes against the backdrop of reports that suggested Google Pay has launched fixed deposit offerings in partnership with a bank. The company emphasised that in every geography where Google Pay is present, its stance is consistently one of partnering with the existing financial services and banking systems to help scale and enable frictionless delivery of financial products and services, and contribute to the goal of financial inclusion.
In a blogpost, Google India said there have been a few instances where these 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,” it said. According to Google, several of its offerings are built on top of NPCI’s pioneering UPI payment network and infrastructure, “which has grown over 190X in the last four years, to processing over Rs 6 trillion in value today”.
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