Google Partnering with Indian Banks to Give Out Loans

Google is partnering with Indian banks to “bring quick loans to the masses,” according to a report.

In a report, Reuters claimed Google “aims to woo tens of millions of new internet users in the country to its digital payments services” through the partnership, and the company is working with Federal Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

“We’re talking to a lot of banks, we’re completely open with who we work with in terms of banking partners,” declared Google’s General Manager of Payments, Caesar Sengupta. “Banks bring their financial capabilities, their understanding of the user, their customers. We bring our user experience, our ability to make complex processes extremely simple and very fast.”

“Countries like India, which are mobile first have so many people coming online for the first time, just generate an incredible amount of opportunity for innovation,” he continued.

There is no word yet if Google will attempt this type of financial offering in other countries.

This month, it was reported that Facebook has also been trying to partner with banks in the United States.

According to a report, Facebook asked banks in the United States for their customers’ financial data, including balances and transactions, which would be used as “part of an effort to offer new services to users.”