Google Now Offering Credit Facilities to Small Businesses
Google announced a slew of new AI-powered launches, partnerships, and investments on October 19 at its annual 'Google for India' flagship event in New Delhi, spanning core products such as Search, Google Pay (GPay), and Google Cloud. GPay will now offer customized credit products from some of India's top lenders, allowing people and small businesses to obtain formal credit. While accredited financial institutions will underwrite the credit, Google Pay will work with them to make it accessible, simple, and convenient.
To safeguard users from the increasingly sophisticated financial scams wrought by bad actors online, Google has put in place ‘DigiKavach’, an early threat detection and warning system designed to identify and study emerging financial fraud patterns and develop and implement effective countermeasures. It is not clear how effective the system is in protecting users from threats.
Google announced a partnership with The Fintech Association for Consumer Empowerment (FACE) to combat the threat of predatory loan apps. Google has added the association as a priority flagger to provide market intelligence and quick action against personal loan apps in India that violate its Play Store policies.
Google announced its support for the launch of 'a,' Axis My India's multilingual super-app that aims to increase people's awareness, accessibility, and utilization of government social welfare schemes, basic day-to-day amenities, employment opportunities, and healthcare benefits.