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by JazzyWaffleSoftware Developer
CosmicTaco
Google Partners with Muthoot Finance to Boost Credit Accessibility in India
- Google Pay partners with Muthoot Finance, India's largest gold-backed loans provider, to offer secured loans across India.
- The move aims to expand credit accessibility in a market where traditional lending often falls short.
- Gold holds unique significance in India, with about 1 billion people spending roughly ₹1 trillion annually on gold imports.
- Google's initiative taps into the cultural and economic importance of gold, potentially opening new avenues for millions to access formal credit.
- Google Pay is among the most popular payment apps in India, processing more than 37% of the 15 billion monthly transactions on UPI.
Source: Techcrunch
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